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An NBU’s regulation came into force on 8 May 2019, which enables any local or foreign company (a candidate) to test its innovative financial product and\/or service (solution) in the Ukrainian regulatory environment. The NBU will accept applications for testing both launched solutions as well as solutions in the development stage.<\/p>\n
A candidate’s solution must meet a number of eligibility criteria, which broadly may be divided into product and regulatory requirements. On the product side, a solution should be unique or significantly improve available solutions, should improve user experience, remove friction and facilitate development of the financial market and a candidate should have a clear implementation plan. On the regulatory side \u2013 launching the solution should not violate Ukrainian law, including competition legislation. If its use entails risks, a candidate should have a risk management system in place.<\/p>\n
To process an application, the NBU may engage a number of other competent Ukrainian authorities, trade associations and experts. Moreover, the NBU can approach the Ukrainian Government with a recommendation to amend legislation if it prevents the launch of a truly innovative solution.<\/p>\n