Another neobank may appear in Ukraine in the future Neobank (internet bank, virtual bank, digital bank) is a fintech company that provides banking services exclusively on the Internet and does not have traditional bank branches in its structure. — The team of the Ministry of Digital Development is working on the development of a new fintech platform as part of the Diya Bank project and the Diya interface, to which other banks can connect. The first details of Forbes were told by two interlocutors close to the project, and the Mintsifra confirmed the existence of the project to the publication, without going into details.

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Updated [16:13]: Minister of Digital Transformation of Ukraine Mykhailo Fedorov commented on the situation in his own Telegram channel – he clarified that the state has no intention to compete with monobank, Sense, A-Bank and other neo-banks and added that there is simply no need for this . Instead, the Ministry of Digital Development will focus on new fintech services. The minister said that only on July 13, Ukrainians opened 80,000 bank accounts online using e-passport sharing in Action and promised many more revolutionary products specifically for fintech, which we will soon be told about.

• The key goal is to distribute the maximum possible number of cards for social assistance payments and improve the flexibility of this product, because the Ministry of Digital Development has complaints about how banks update functionality.
• Through the fintech platform at Diya, the government will be able to control the targeted use of social funds and expand the circle of partner banks by connecting small players.
• Diya Bank will not receive a banking license, since banks already have such licenses, which will potentially connect to the platform. Apparently, the future potential “Diya Bank” will work on the same model as the popular monobank, which uses the banking license of Universal Bank, which is part of the TAS group and owned by Ukrainian businessman Sergei Tigipko.
• Product development can cost from $3 million to $5 million, Forbes writes, citing a top manager of one of the neobanks, who asked not to be named.

It is still difficult to say what exactly the mysterious Diya Bank is – a full-fledged payment application, like monobank, or something simpler like the LiqPay payment system, only open and built into Diya. If we start from the part that talks about “ development of an interface in the Diya application that other banks can connect to ” , then the conclusion suggests itself regarding a certain open API. But it is worth waiting for more accurate information about this product from the developers of “Diya”.

At a recent press briefing at the International Diia Summit in Davos, the Ministry of Digital Development reported that as of May 2022, more than 17.3 million Ukrainians use the Diia app, compared to 14 million at the beginning of February 2022. While the team is working, among other things, on the international recognition of the Diya application – just yesterday, the Minister of Digital Transformation of Ukraine Mykhailo Fedorov said that the English version in the application will soon appear on the passport, driver’s license and registration certificate. At the same time, the license and registration certificate will receive international coding, which is used in the EU, USA and Canada. While the team is finalizing the technical part and preparing to launch the beta test.

Digital documents in the application “Diya” are preparing to recognize Poland, Moldova and several other countries