On November 2 and 3, Kyiv will host the 21st Ukrainian CFO Forum, also known as the Ukrainian CFO Forum.
The main theme of the 2023 event is “Strategy and Tools for Business Transformation”. The forum will feature speeches, discussions, on-stage interviews, specialized webinars and workshops, and the event will bring together more than five hundred top managers from all over Ukraine in offline and online formats.
Why should you attend the 21st Ukrainian CFO Forum?
During the forum, more than 40 speakers – CFOs of leading international and Ukrainian companies – will help define a strategic plan for aligning resources with priorities and critical areas of development, and share their own experience on how businesses can use new tools and transformation strategies for agility and growth.
Key topics for discussion:
The forum will be held with the support of international companies Payoneer, Pivdenny Bank, KPMG in Ukraine, Boyden, Asters, Arzinger, Vchasno, Innoware, EY Ukraine, ACCA and other. partners.
For security reasons, the venue is not announced. The FA Service team is preparing an offline event and an online broadcast for those who are unable to attend the forum live.
More information about the program, speakers and partners of the forum is available on the website: https://cfo.ua/ukr/xxi_cfo_forum-2023.
Interfax readers have special participation conditions until October 25. With the promo code BraveInterfax20, you will receive -20% off all participation packages. Join in teams and invite your colleagues to divide the focus areas and ask questions to the speakers: https://cfo.ua/ukr/xxi_cfo_forum-2023#tickets
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
On July 4, an international conference for the restoration of Ukraine started in Lugano, Switzerland. Among the main decisions taken on the first day of the conference, one can single out the approval of a plan to provide Ukraine with macro-financial assistance in the amount of $750 billion. Of this total, from 150 to 250 billion is expected to be directed to the restoration of infrastructure and housing damaged as a result of hostilities.
At the same time, the mechanisms for the practical implementation of this project remain unclear in the context of the ongoing war and the need to adapt legislation to it and establish partnerships between the state and private companies. Portal Open4business turned to Igor Stakovychenko, an expert in the field of construction and real estate, for a comment.
In his opinion, the practical implementation of the project should be started now at all levels, since delaying the process can lead to negative consequences in the autumn-winter period.
“Mechanisms for allocating funds from the confiscated assets of the Russian Federation and its large businesses are already being implemented by individual countries. We, in turn, need to implement the conversion of these financial assets into specific infrastructure and construction projects by creating representative offices in donor countries and coordination centers in Ukraine,” said Ihor Stakovychenko.
The expert also stressed that the regional principle of recovery, now promoted by the country’s leadership, when a separate partner state is engaged in projects in a separate Ukrainian region, is the most effective at this stage.
In addition, Igor Stakovychenko suggested creating a system of decentralized funding for the implementation of individual projects at the local level.
“But we must not forget about our responsibility to our partners. It is necessary not only to minimize, but to completely exclude the possibility of misuse of foreign aid by local officials. To do this, it is necessary to create a separate trust fund for each individual restoration project, the activities of which will be as transparent and controlled as possible by both the Ukrainian anti-corruption authorities and the donor country,” Ihor Stakovychenko emphasized.
According to the expert, the basis for the creation of such funds should be existing budget programs, as well as amendments to the main financial document.
“In fact, now we can receive funds both in the form of direct assistance and in the form of investments from partners. Here it is important to successfully implement and present the first major restoration projects, which will help increase investment attractiveness even in the current conditions,” added Igor Stakovychenko.
CONSTRUCTION, EXPERT, FINANCE, MARKETS, REAL ESTATE, RESTORATION_OF_UKRAINE, TECHNOLOGY, ІГОР_СТАКОВИЧЕНКО, СТАКОВИЧЕНКО
Yesterday, Bitcoin once again came close to the critical level of $20,000 per 1 BTC. Even the record-breaking increase in the interest rate of the Fed did not save the main cryptocurrency from falling. However, it could not save, since cryptocurrencies are a fairly young investment asset, which has not yet been affected by transition periods and changing phases of economic growth.
The crypto market continues to develop according to its own rules, remaining a speculative product, the high volatility of which attracts a large number of traders who are ready to take risks for the sake of quick earnings. Most often, such traders massively buy cryptocurrency during the growth phase and start to get rid of it just as massively when the market falls, which stimulates a further collapse.
But this time the situation is somewhat different. Many analysts are talking about the beginning of the “darkest time for crypto” in its entire history. The traditional opponents of bitcoin have also revived. Thus, the famous financier Warren Buffett recently stated:
“If I were now offered to buy bitcoins at $25, I would not take them. What should I do with them then? I would have to sell them back to you later. This is a dead end.”
And he added that he doesn’t know if bitcoin will rise or fall next year, in five or ten years, but he knows for sure that he does not produce anything.
The Open4business publication turned to Igor Stakovichenko, an expert in economics and finance, with a request to comment on the situation in the cryptocurrency market. According to the economist, the problem of the lack of a real resource and production base for digital assets has become especially acute in recent months. This is due to the fact that Russian aggression in Ukraine disrupted supply chains and led to higher prices for real sector products in the global economy.
“The fall in the capitalization of the largest companies and the crisis in the stock market naturally led to the collapse of the cryptocurrency market, as many investors considered this asset too risky,” the financier notes.
Stakovichenko stressed that in the current situation, the fall of the bitcoin market below 22,000 launched a new, even deeper “bearish phase” of the cycle, as it greatly shook the position of long-term holders of the asset. The long-term holders, who had held their positions during the last drops, could not stand it and started dumping the cue ball at the lowest prices.
“This shook the whole structure, and both technical and macroeconomic indicators today indicate a possible fall of the main cryptocurrency to 16,000 or even lower,” the expert said.
However, according to Stakovichenko, it is still too early to bury bitcoin, as “whales” (investors owning more than 10,000 BTC) still continue to accumulate this digital currency, which may indicate the possibility of growth in the medium and long term.
BITCOIN, CRYPTOCURRENCY, CRYPTOCURRENCY_MARKET, EXPERT, FINANCE, STAKOVICHENKO, ИГОРЬ_СТАКОВИЧЕНКО
The Ministry of Finance of Ukraine in March raised the forecast for payments on public debt in 2022 by UAH 4.93 billion compared to the March forecast – up to UAH 572.26 billion, according to the forecast for April on the agency’s website.
According to him, the largest amount of payments falls on April-June of this year – UAH 167 billion, while in August-September it is projected at the level of UAH 145.32 billion, in October-December – UAH 124.63 billion.
The Ministry of Finance estimates payments on domestic debt in 2022 at UAH 440.95 billion, and on external debt at UAH 131.32 billion.
According to the Ministry of Finance, on a monthly basis, the largest amount of payments fell on February – UAH 75.78 billion, and May – UAH 69.59 billion.
At the same time, the ministry increased the forecast of payments on public debt in 2023 by UAH 25.71 billion to UAH 400.91 billion.
In 2024, the ministry expects a payment in the amount of UAH 348.74 billion.
President of Ukraine Volodymyr Zelensky discussed with President of World Bank Group David Malpass an increase in the World Bank role in the stability of Ukraine’s financial sector and thanked for the provision of $350 million in financial assistance.
“Discussed with David Malpass the increasing role of the World Bank in the stability of Ukraine’s financial sector. The World Bank President noted economic stabilization, land reform and infrastructure projects in Ukraine. We are grateful for $350 million in financial support,” Zelensky wrote on Twitter on Saturday while in Munich.
