News hardware FinTech in Ukraine is growing, despite the conflict
We imagine Ukraine as a country where nothing is developing. Yet FinTech is hiring and growth is excellent in the sector. A pioneer before the conflict, Ukraine will remain so afterwards.
Ukraine has many arguments for FinTech
The fintech community continues to grow despite the current situation. A real light in the economy of the country which is struggling to hold. Yet Ukraine continues to attract investors and businesses.
The resilience of Ukrainian FinTech is simply stunning. This is the basis of a rather unstable market, but which was able to rebound by making the right choices. To the point that 90% of technology companies are hiring with a vengeance.
There are many reasons for this increase. Already the conflict worries less and less and companies attract new talents. Not to mention that President Volodymyr Zelenskyy has just signed a law allowing better regulation of cryptocurrencies. The goal is to use crypto as a means to build a strong economy, disconnected from the global network.
The project inevitably interests the world of FinTech, which rubs its hands at the idea of developing the new economy of a state. This law allows in particular a free exchange of cryptocurrencies and an ease of account opening.
The world behind Ukraine
The current conflict crystallizes many tensions. Yet most countries support Ukraine. This is a colossal advantage for a state in the midst of conflict. In July, the digital minister announced creating a global donation platform to kick-start technology growth :
Digital4Freedom will help create a new Ukraine – the freest and most digital country in the world, where paperless works instead of civil servants and analog certificates.
This initiative is part of the global UNITED24 effort, which brings together 40 companies in nine projects. We find in particular Amazon which would have invested 100 million dollars in web hosting. Meta has meanwhile launched a 1.5 million aid package for Ukrainian small and medium-sized businesses.
Ukraine’s economy on the upswing
On the one hand, companies foresee a significant fall in the production of goods and services in the near future. Inflation is expected to continue to rise in the next 12 monthscausing a fall in the Hryvnia, the Ukrainian currency.
But on the other side, the investments for the development of the technological industry are colossal. The country’s objective is to become one of the pillars of tomorrow’s Tech world.
There is also the Ukrainian Association of Financial Technology and Innovation Companies (UAFIC), which has just joined the European Association of Digital Finance. It is the first non-European company to be included.
This growth of FinTech is therefore unexpected, even if many signals in this area are green. It’s hard to imagine the country thriving in a sector that relies so heavily on technology. Ukraine’s digital shift started many years ago, but it seems to have gotten stronger.