Business urged the NBU to ease regulatory pressure on non-bank financial institutions
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Member companies of the European Business Association called on the National Bank to optimize the relicensing procedure for successfully operating non-bank payment service providers in order to reduce pressure on market participants and promote the introduction of technological innovations. This is discussed on the EBA website.
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On May 1, licenses for such establishments expire, and in order to continue their work, they must go through the activity authorization procedure.
For their part, the companies claim that the consideration of the submitted document packages is being delayed. For example, the NBU requires additional documents that are not required by law, and originals of documents in written or electronic form, which may be problematic in wartime conditions.
“The lack of licenses for non-bank financial service providers may lead to interruptions in the work of the payment market of Ukraine in the coming weeks, as well as lead to a significant reduction in the volume of non-cash payments and the rollback of the non-cash economy,” the EBA emphasized.
Market crash
According to professionals, a possible drop in the non-cash payments market may amount to 35-40%. If the regulatory pressure on this segment of the financial market is reduced and maintained, there will be a significant reduction in online services and stores, which will negatively affect the country’s economy.
The association believes that maintaining the ability to make payments using the services of a non-bank financial institution is vital to maintaining the indicators of non-cash payments and ensuring access to financial services for clients.
Source: Ministry of Finance
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