KPMG: Ukrainian Fintech industry is not developed enough
Ukrainian Fintech industry remains undeveloped due to weak financial sector and zero investments into the country.
The respective conclusion was published in KPMG Pulse of Fintech report for H1. The report was published on KPMG web site.
"Ukrainian Fintech industry remains undeveloped due to weak financial sector from one side and zero investments to the country from other side compared with global trends. Despite of such conditions dynamics of Ukrainain Fintech market development is high enough," the company says.
According to the report, Ukraine accounted for more than 80 Fintech companies at the beginning of 2018, about 60% of which were established during the last three years.
Main business directions of such companies are payments and money transfers.
"Taking into account Ukraine's potential, evolution of mobile operators and new technologies, Fintech sector in Ukraine could develop faster. Investments, implementation of more strict operational rules and deregulation of current legislation for the sector and stable development of the market in general are the main conditions for development," KPMG Investment and Capital Market Manager Andrii Usenko is cited in the release.
Meanwhile KPMG Pulse of Fintech report states that global investments in Fintech area has boosted in H1 2018 and reached USD 57.8 billion which were invested in 875 deals. It shows the substantial growth compared with USD 38.1 billion invested during 2017.
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