Prime Minister of Ukraine Denys Shmyhal and President of the European Investment Bank (EIB) Werner Hoyer discussed the restoration of Ukraine and support for small and medium-sized businesses in our state, the government portal reported on Thursday.
“Today, the state understands that large enterprises are under the threat of shelling by Russia. The infrastructure of some of them is damaged or destroyed, as a result of which many have been left without work. So our goal is to quickly create many jobs, and we see the implementation of this task in development and creation of micro, small and medium businesses,” Shmyhal said during the conversation.
Hoyer, in turn, initiated the dispatch of the next EIB mission to Ukraine, during which, in particular, attention will be paid to this area of cooperation.
The head of the Ukrainian government and the president of the EIB discussed the prospects and vision for the renewal of Ukraine, as well as the participation of the EIB in this process.
“I am convinced that the rapid process of Ukraine’s European integration and obtaining full membership will also improve cooperation with the EIB, because this is a good basis for launching new projects for the restoration, modernization and reform of our country,” Shmyhal said, stressing that some infrastructure facilities need to be restored now, therefore Ukraine needs $3.4 billion this year.
Ukraine, Moldova and Romania have agreed to sign an agreement to increase cross-border capacity to increase electricity trade, Ukrainian Foreign Minister Dmytro Kuleba said.
“We reached several important agreements today to develop our relations in the energy sector, and our teams will continue to work on their implementation. In particular, we agreed to sign a trilateral intergovernmental agreement on increasing cross-border capacity to increase the volume of electricity trade,” Kuleba said at the meeting. press conference in Odessa on Thursday.
Kuleba drew attention to the fact that the meeting in the format of the Ministers of Foreign Affairs and Ministers of Energy of Ukraine, Moldova and Romania is taking place for the first time.
“Three of our countries, and immediately foreign ministers and energy ministers. There is a very clear reason and goal for this – we want to build qualitatively new relations in the energy sector between our three countries, and this will be important not only for energy, but also for security and prosperity in our region,” the minister stressed.
Currently, Ukraine exports electricity to Moldova in the amount of about 165 MWh, with a possible maximum of 600 MWh, and to Romania – 150 MWh.
Ukraine in January-August this year reduced the export of semi-finished products from carbon steel in kind by 66.6% compared to the same period last year – up to 1 million 589.419 thousand tons.
According to statistics released by the State Customs Service (SCS), in monetary terms, the export of semi-finished products from carbon steel over this period decreased by 63.5% – to $1 billion 8.882 million.
The main exports were to Bulgaria (21.91% of supplies in monetary terms), Italy (13.96%) and Turkey (12.22%).
In addition, Ukraine imported 5,532 thousand tons of such products in January-August, which is 64% less than in January-August 2021. In monetary terms, imports decreased by 63.4% – to $ 3.576 million. Imports were carried out from the Russian Federation (98.49% of deliveries), Romania (1.23%) and China (0.25%).
As reported, Ukraine in 2021 reduced the export of semi-finished products from carbon steel in physical terms by 9.5% compared to 2020, to 6 million 776.44 thousand tons. In monetary terms, the export of semi-finished products from carbon steel increased by 48.8% over the year to $4 billion 93.02 million. The main exports were to Italy (30.90% of supplies in monetary terms), Turkey (12.77%) and the Republic (8.02%).
In addition, Ukraine imported 38.97 thousand tons of such products in 2021, which is 2.6 times more than in 2020. In monetary terms, imports increased by 3.9 times – up to $25.95 million. Imports were carried out from the Russian Federation (97.73% of deliveries), Turkey (1.15%) and Uzbekistan (1.08%).
Taxable imports of land transport means to Ukraine in January-August 2022 decreased by 53% compared to the same period in 2021, to $2.191 billion.
According to statistics released by the State Customs Service (STS), at the same time, passenger cars (UKTVED code 8703) were imported by $1.088 billion – 63% less than a year earlier, and in total (taking into account the period of preferential customs clearance – IF-U) into the country cars were imported for $2.091 billion, while exported for $22.89 million.
Passenger cars in January-August 2022 were imported mainly from Germany (29.8%), the USA (14%) and Japan (11.5%).
In turn, trucks with taxes paid were imported by 63% less – by $123.75 million, and in total they were imported by $224.49 million (including 27% – from Germany, 10% – from Poland, 9% – from France).
Buses were imported to Ukraine for $29 million in eight months, while their taxable imports decreased by 61% to $12.46 million. Buses were imported mainly from Germany (30.2%), Turkey (17.2%) and Belarus (12 %). The export of this equipment amounted to only $1.66 million, of which more than 94% came from Poland.
In addition, trailers and semi-trailers (and other non-self-propelled vehicles) worth $183.76 million were imported to Ukraine, mainly from Poland (29%), Germany (27%) and Turkey (10.7%). At the same time, this group of goods showed an increase in taxable imports by 5% compared to January-August 2021, to $144.05 million.
Taxable imports of tractors decreased by 16% – to $415.05 million, and in total they were imported by $451.55 million, including 19.4% from Germany, 13% – from the USA, 12.2% – from the Netherlands. The export of tractors amounted to $4.79 million, they were delivered mainly to Moldova, Nigeria and Turkey.
According to the State Customs Service, in January-August 2022, taxable imports of bicycles decreased significantly – by 79%, to $6 million, bodies for vehicles – by 61%, to $21.4 million, motorcycles (including mopeds) – by 59%, to $21.18 million
Today, financial technologies are one of the most promising areas of business development. Modern fintech companies provide a wide range of services from securing electronic payments and open banking transactions to the exchange of crypto assets. Since electronic financial services such as, for example, shopping with a credit card or smartphone have long been an integral part of our lives, the fintech sector already hold leading positions in capitalization and development dynamics, even despite adverse market conditions preveiled in 2022.
To characterize a company operating in the fintech market, one can be guided by such criteria as the use of the latest technologies in financial transactions, including payments, electronic payments, insurance, blockchain and cryptocurrency, digital banking, investment and wealth management, as well as lending and personal financing. Currency exchange operations, electronic banking, government digitalization (in the field of taxation) and telecommunications services are also part of financial technologies.
How to determine the development dynamics of a financial company in the technology sector? First of all, you need to take into account the volume of finances spent through digital channels for a certain period. It is also important that such a company has its own application for a smartphone, the amount of download of the application, as well as the number of its active users. An important factor is the number of countries in which the company operates. It takes into account growth dynamics over the past year, as well as examples of innovations in digital payments and the impact of these innovations on consumers and businesses. And, perhaps, the most important thing is the availability and volume of funding from venture capitalists, since investors are a priori market experts and will not invest in a non-viable startup, otherwise they will simply have nothing to invest over time.
So, taking into account the above factors, our portal has compiled a list of the five most dynamically developing fintech companies in 2022.
Fifth place
Chime. One of the fastest growing American fintech companies that specializes in providing customers with free online banking opportunities. The Chime platform allows users to access mobile banking systems through a website and smartphone app. The company makes most of its money from the exchange. Chime, which is relatively new to the market, now has over 9 million users and is worth over $1.6 billion, with over 185,000 Twitter followers.
Fourth place
PayJoy. The main mission of this company is to provide access to credit operations to a billion people in emerging markets around the world. PayJoy’s unique mobile device locking technology allows customers to afford to buy their first smartphone on credit, using the phone itself as collateral, and then provides additional access to loans to overcome financial difficulties and improve wealth. PayJoy services millions of customers in countries such as Mexico, Brazil, India, Kenya and South Africa. The dynamics of development and the amount of investments allow us to say with confidence that the company will achieve its goal of attracting a billion customers in the coming years.
Third place
AMAN Holding. Founded in Egypt in 2015, the fintech company is one of the largest players in this market in the Arab world, with almost half a billion potential customers. The company services more than two million consumers daily through its terminals and smartphone app. AMAN also has a super app that allows doing e-commerce, paying bills and utility bills, making charitable donations and playing games, among other things.
Second place
Volgende Kft. This is a dynamically developing Hungarian company that is actively developing the European financial services market. The company is actively implementing innovative technologies, in particular, in the development of mobile financial applications. The main activity is the development and implementation of investment strategies, primarily in the field of venture capital investments. Volgende Kft successfully works with the world’s largest funds to attract investments, as well as the implementation of large fintech startups at various stages of development. In addition, the company is an active player in the insurance market.
First place
Western Union. One of the most famous companies in the global fintech market continues to firmly hold leadership in many areas and does not lose ground to its younger and more aggressive competitors. Today, this American company helps clients move finance around the world with a set of electronic currency transaction tools. On the Western Union platform, users can initiate transfers online, through a smartphone application or offline anywhere in the world where there is a branch of the company. Western Union maintains the largest network of branches in dozens of countries, which allows customers to quickly transfer money.
FINANCE, FINANCIAL_TECHNOLOGIES, FINTECH, STARTUPS, VOLGENDE_KFT
In January-August 2022, Ukraine increased its revenue from electricity exports by 1.7 times (by $115.664 million) compared to the same period in 2021, to $278.75 million, according to the State Customs Service.
According to Interfax-Ukraine estimates, over eight months electricity was supplied to Poland for $92.689 million, Slovakia – for $59.364 million, Hungary – for $44.688 million, other countries – for $82.009 million.
In August this year, electricity export revenue amounted to $73.112 million compared to $27.474 million in August 2021.
In addition, in January-August 2022, Ukraine imported electricity for $119.067 million against $59.394 million for the same period last year. Including from Belarus – by $100.414 million (in January-February), Belgium – by $12.259 million, Moldova – by $4.695 million, other countries – by $1.698 million.
Last month, Ukraine imported electricity for $11.135 million compared to $0.336 million in August 2021.
As reported, Ukraine in 2021 reduced its revenue from electricity exports by 8.5% (by $23.89 million) compared to 2020, to $256.941 million. In addition, Ukraine imported electricity by $87.345 million in 2021 against $131.605 million for 2020th.
Ukraine in 2021 reduced the export of electricity by 26.5% (by 1 billion 258.7 million kWh) compared to 2020 – to 3 billion 495.4 million kWh, import – by 25.9% (by 591.3 million kWh), up to 1 billion 693.6 million kWh.
