Home Business Insights & Advice Chairman of the Supervisory Board of IBOX BANK Alona Shevtsova talks about the development of financial technologies in Ukraine and entering the Polish market

Chairman of the Supervisory Board of IBOX BANK Alona Shevtsova talks about the development of financial technologies in Ukraine and entering the Polish market

by Sarah Dunsby
20th Dec 22 2:23 pm

Even in the harsh conditions of the war, Ukraine remains a centre for the development of financial technologies. Several leading banks and financial organisations intend to introduce many of them to the European financial market. The current war was the main reason that prompted the Ukrainian IBOX BANK to obtain a license from the National Bank of Poland and enter the market of this country. The head of the Supervisory Board of the Ukrainian IBOX BANK, Alona Shevtsova shared this unique information in her interview for the UFH fintech channel.

Despite difficult times, the National Bank of Ukraine continues to implement various innovations in the payment market, while Ukrainian IT companies and fintech startups continue to develop their products.

“Over the past two years, the National Bank of Ukraine has been actively implementing the PSD directive, which provides for the transition of Ukrainian banks to the so-called open banking approach. Currently, OTP Bank uses this approach by gaining access to the financial information of third-party companies by using the bank’s API in Ukraine. This system allows customers to get more opportunities for financial services. It clearly shows that even despite the war, Ukraine remains the centre of development of financial technologies and it will not change in the future,” says Alona Shevtsova.

The Chairman of the Supervisory Board of IBOX BANK also highlighted the fact that even today, local tools and solutions in the financial technology market successfully compete and outpace European tools and approaches. It is worth noting that both Visa and Mastercard international payment systems have done a lot of things to support this process. Their actions increased the popularity of online payments among individuals and businesses in Ukraine and significantly influenced the development of the fintech sector in Ukraine.

“A large number of Ukrainian refugees who are now experiencing difficulties with opening accounts abroad are very pleased with IT solutions offered by Monobank, Privat24, and other Ukrainian banks. These products are much more competitive than those offered in the majority of European countries today,” Alona Shevtsova said.

According to Alona Shevtsova, the war in Ukraine was the main reason that forced IBOX BANK to enter the Polish market, after receiving a license from the National Bank of Poland for the development of the IBOX BANK payment terminal network. The license allows the bank to offer a full range of services and install a wide network of payment terminals in shopping malls and other locations in many Polish cities, starting with Warsaw.

Currently, large Ukrainian banks and companies are signing cooperation agreements with IBOX BANK in Poland so that millions of Ukrainians who are forced to stay in this country can deposit funds to their Ukrainian bank cards and pay bills in Ukraine.

Alona Shevtsova also highlighted the comfortable and productive approach of the National Bank of Poland, as well as their ability to solve all issues in a remote way by using only electronic correspondence.

Alona Shevtsova thanked the Polish authorities, Polish President Andrzej Duda, and the Poles for the assistance they provide to Ukrainian refugees, including their help to children in the educational sphere.

IBOX BANK is a Ukrainian transactional bank operating in the financial market since 1993. By the end of 2021, the bank recorded a fivefold increase in revenue. The bank’s shareholders invested the entire income in the bank’s capital. Since February 28, 2022, the authorised capital of the financial institution has increased by half a billion hryvnia.

According to the National Bank of Ukraine, IBOX BANK entered the top ten most profitable banks in Ukraine following the results of 3 quarters.

In August 2022, the Rating Committee of Expert-Rating RA updated the long-term credit rating of IBOX BANK to the highest level of uaAAA on the national scale.

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