Paysera secures accreditation in Ukraine

Monday 19 July 2021 11:17 CET | News

The National Bank of Ukraine has included fintech Paysera in the country's Register of Payment Systems. 

After technical preparation, the company will be able to offer faster transfers to and from Ukraine to private customers, transactions in hryvnias, euros, US dollars, and conversion of hryvnia and other currencies. 

With the permission of the central bank, Paysera can now partner with local banks, i.e. open an account, perform system integration, make transfers etc. Currently, the company has already reached an agreement with Globus Bank and is negotiating for the opening of accounts in the largest banks – Privatbank, Oschadbank, and Ukrgasbank. 

In Ukraine, the fintech company expects to attract customers who value their time and are eager to handle their daily financial affairs conveniently, with a smartphone or tablet. Even before accreditation, the company had about 25,000 Ukrainian customers, but until now has not been able to provide them with some services, such as transactions in hryvnia. 

In June 2021, the Verkhovna Rada of Ukraine adopted the Law which will allow electronic money and payment institutions to operate in the country. There aren't any such institutions so far. As soon as the law is implemented, Paysera will consider the possibility of receiving an electronic money institution (EMI) licence in Ukraine. Only after obtaining an EMI licence will the company be able to start processing payments in Ukrainian online stores – a service that is the main source of Paysera's income and profit in the Baltics. 

Paysera network companies have been granted e-money licences in Lithuania, Albania, and Kosovo, and seek licences in Estonia and Bulgaria. Network companies also operate in Latvia, Romania, Spain, and Ukraine.

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Keywords: central bank, fintech, PSP, e-money, regulation, EMI licence
Categories: Banking & Fintech
Countries: Ukraine
This article is part of category

Banking & Fintech