The development of technologies in the financial market is an unchanging global trend, as both the internal processes of financial institutions and the consumer behavior of their clients are changing radically. The emergence of new financial services, greater complexity and speed of transactions performed by regulated institutions and their clients, growing volumes of data, and tighter regulatory requirements have given rise to and are increasing the relevance of the development of such areas as regulatory technology (RegTech) and supervisory technology (SupTech).
Regulators, including the NBU, are certain that promoting concurrent development of SupTech and RegTech must be based on interaction as well as continuous communication and cooperation between the regulator, regulated institutions, and RegTech companies. This is the prerequisite for reaching the common vision of using SupTech and RegTech and determining their role and implementation priority.
To this end, the NBU Strategy and the Strategy of Ukrainian Financial Sector Development envisage, among other things, the implementation of the strategic measure Strengthening Cooperation with Market Participants for the Development of RegTech in Ukraine. Under this measure, the NBU focuses on promoting the development of regulatory technologies. Primarily, the regulator has updated its position on key issues of RegTech usage and development in its Green Paper.
In this paper, the NBU aims to communicate to RegTech market participants the vision of the development of regulatory technologies in Ukraine, and to emphasize the importance of proper assessment of the implementation of such technologies by financial institutions.
The NBU’s target vision for the development of RegTech in the Ukrainian financial market is based on active systemic cooperation between the main market players, where:
Overall, the development of RegTech will help increase the resilience, controllability, and competitiveness of the financial sector, as well as to provide financial services consumers with better quality of interactions, more affordable products, and higher security.
The NBU is interested in actively engaging the expert community to discuss the vision set out in the Green Paper and invites all interested market participants to read the publication and provide comments and suggestions by sending an email to [email protected].
The NBU also invites market participants and all interested parties to take an active part in the events and communications on RegTech organized by the regulator. In particular, the NBU hopes to involve them in its upcoming activities: researching the current state of development and drawing up a roadmap.
The NBU relies on your proactive role in the development of RegTech solutions!
