Kyivstar intends to enter financial service market by late 2017

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The leading Ukrainian mobile communications operator Kyivstar has faced several regulatory obstacles on the way to the commercial launch of a first package of financial services, which delays their launch. The company intends to overcome them and enter this market by the end of this year, Kyivstar President Petro Chernyshov has told Interfax-Ukraine.

“(The delay of the launch) is linked to regulation, with the NBU’s [the National Bank of Ukraine] regulation. However, we will break through!” he said.

He expressed confidence that by the end of this year the obstacles will be lifted, and the company will start operating in the market segment new for the company.

Kyivstar’s subsidiary Starmoney LLC in June 2016 received a license from the NBU allowing the transfer of funds in the national currency. The operator announced that the company will enter the financial service market by late 2016 and later – early 2017.

The mobile operator said that banks that will issue electronic money in this project will be state-owned Ukrgasbank and Pravex-Bank owned by Italy’s Intesa Sanpaolo. The banks were selected at a tender.

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