In the early 1990s, after years of underdevelopment, the banking sector in emerging Europe had to start from scratch, playing catch-up with its peers elsewhere.
Now, in many areas, it leads. The development of mobile banking applications has progressed further and faster in terms of their innovation, functions and consumer adoption. Since the beginning of the Covid-19 pandemic, retail customers have adopted digital banking services en masse, as high street branches remained closed and cash transactions have plummeted.
In 2019, the Bank of Lithuania launched a fintech sandbox, a fintech-conducive regulatory and supervisory environment designed to foster innovation in the financial sector. So did the National Bank of Ukraine. A healthy environment for fintech start-ups has emerged in recent years which, coupled with strong digital infrastructure and talent, has resulted in a new wave of investment within the region.
Michael Rogalskiy, co-founder of Monobank and Koto, speaks with Andrew Wrobel about the development of fintech in Ukraine and across the region, and the opportunities the sector offers.
The podcast highlights some of the opportunities that will be discussed during the UK-Ukraine Fintech Summit, which will be held in London and Kyiv on July 15. Click here for more info.
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