On 12 October, the National Bank of Ukraine and the International Finance Corporation (IFC) signed an agreement in Bangkok on the development of digital finance, in partnership with the Swiss State Secretariat for Economic Affairs (SECO). The parties plan to develop instant payments, open banking, financial innovation and digital resilience to ensure the continuity of financial services.
Briefly about the main points
- The agreement was signed in Bangkok during the Annual Meetings of the IMF and the World Bank.
- Among the areas of focus are the development of instant payments and open banking.
- The IFC has estimated the budget for the advisory project at $2 830 010.
- The project covers the alignment of regulations with EU rules and the fintech ecosystem.
- The NBU says it will be completed by 2029, whilst the IFC card states March 2030.
Payments, open banking and testing new solutions
Governor of the NBU Andriy Pyshnyy stated that the collaboration should speed up the roll-out of new financial solutions. The regulator plans to improve the regulatory sandbox, develop open banking and work on establishing an Innovation Hub.
A separate area of focus will be the improvement of the payment infrastructure for instant cashless payments, taking international practices into account. Instant credit transfers have been available in SEP-4.1 since December 2024, whilst the rules on open banking NBU approved in July 2025. The measures announced therefore envisage the further development and scaling up of existing mechanisms.
Service continuity and financial literacy
The agreement aims to strengthen the digital resilience of financial institutions. According to Pyshny, this work is intended to ensure the continuity of financial services.
The agreements also cover financial innovation, cashless payments and financial literacy. The digital resilience strand is aligned with Ukraine’s regulatory convergence with EU requirements in the area of digital operational resilience in the financial sector.
What does the IFC advisory project involve?
On the website IFC The consultative draft of ‘Digital Finance Future Ukraine’, which the corporation approved on 6 May 2026, has been published. Its indicative total budget stands at $2 830 010 and covers all activities to be funded under the programme; it is not a direct lending or investment fund for businesses.
The initiative is set to involve government bodies, financial institutions, fintech companies and investors. The IFC has stated its aim of expanding access to finance for citizens and small and medium-sized enterprises through digital services, as well as helping to attract private capital.
The project comprises three components: the alignment of legislative and regulatory approaches with EU standards; infrastructure modernisation, open banking and investment; and cooperation amongst fintech market participants, the introduction of innovations and regional integration.
The timeframes set out in the NBU and IFC announcements differ
Pyshnyy stated that the project will run until 2029. However, the ‘Digital Finance Future Ukraine’ factsheet on the IFC website lists 31 March 2030 as the estimated completion date; it was last updated on 15 June 2026.
Following the signing of the agreement, the NBU identified the establishment of an Innovation Hub and the refinement of the relevant financial mechanisms as its next priorities.
