Parliament approves law on payment services

The Verkhovna Rada of Ukraine has passed the Law "On Payment Services" at second reading.

Some 241 MPs voted for relevant bill No.4364, according to an Ukrinform correspondent.

The document envisages the implementation of the concept of open banking in Ukraine, which will stimulate the development of financial technologies in Ukraine, as fintech companies will be able to establish mutually beneficial cooperation with banks and receive more business opportunities.

The new legislation expands the range of payment market participants and allows non-banks and fintech companies to develop. Apart from banks, payment institutions, postal operators, electronic money institutions will also provide payment services. In addition, they will have the right to work without participating in the payment system and will be able to issue payment cards.

As reported, the draft law "On Payment Services" at first reading was adopted on February 19, 2021.

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