Business news from Ukraine

Fintech company Moneyveo plans to increase its share of market presence

Maniveo Emergency Financial Assistance LLC (TM Moneyveo) estimates its share in the online consumer lending market at 13-15% and plans to increase it by 1.5 percentage points (p.p.) this year, including by expanding into the small and medium-sized business (SMB) customer segment, the company’s CEO Sergey Sinchenko said.

“We are considering various strategies to achieve this goal, in particular expanding the customer segment, for example, at the expense of SMEs, increasing awareness of our products and services, as well as improving interaction with existing and potential customers,” he pointed out in comments to Interfax-Ukraine.

According to Sinchenko, Moneyveo’s strategic plans include expanding the range of services, improving customer service processes and developing marketing initiatives. Also, in order to improve cross-functional interaction within the company and involve employees more in decision-making, the lender plans to move from a functional management structure to a process approach, the CEO said.

“We are also focusing on optimizing operational efficiency, developing digital technologies and process automation, and improving personal data protection,” Sinchenko said.

He pointed out that Moneyveo made its last coupon payment in early February 2024 and fully redeemed its UAH100 million Series B bond issue in December 2021, after which its maturity was extended for another year in January 2023 with an increase in its interest rate from 18% to 26% per annum.

“Thus we have demonstrated our ability to effectively use financial instruments and fulfill financial obligations, which confirms our stability and reliability in the financial sphere,” commented Sinchenko.

The company considers the new bond issue as one of the tools to ensure further growth and expansion of its operations.

“The probability of its use will depend on the situation with the growth of activity, the competitive environment of the investment market. Now we are planning an issue in 2024 if the growth in issuance (of loans – IF-U) several months in a row will be at least 10%,” Sinchenko informed.

According to the NBU data, Maniveo Ambulance Financial Assistance LLC’s net revenue for 2023 amounted to UAH 1.30 billion, or 8th place in the market, net profit – UAH 2.66 million. The company’s assets at the end of last year amounted to UAH 600.37 million.

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Residents of Kherson region affected by flooding may receive several types of financial aid

Residents of Kherson region affected by the flooding due to the explosion at the Kakhovka hydroelectric power plant can receive financial aid from the state, regional and local budgets, as well as from international organizations, said the head of the regional military administration Alexander Prokudin on Wednesday evening.
“The size of payments from the state – 5 thousand UAH for each family member, from the regional budget – 5 thousand UAH per household. From local budgets – from 1 thousand to 15 thousand UAH per household. In Kherson itself also pay 5 thousand UAH”, – he informed in his Telegram channel.
According to Prokudin, the residents of the region also have the opportunity to apply to international organizations, which pay 6,600 UAH for each family member.
To formalize the relevant payments residents of Kherson and the region need to apply to the social protection agencies of their communities, he said.
“During a visit to the department, a person writes an application for all types of assistance at once, and specialists form the appropriate cases. More than half a thousand people have already applied and already next week they should receive money,” specified Prokudin.
The Cabinet of Ministers of Ukraine has allocated more than 980 million UAH for compensation for damaged and destroyed homes due to the Russian occupants blowing up the Kakhovskaya hydroelectric power plant in the Kherson region, as well as 560 million UAH to pay one-time state aid to flood victims, Prime Minister Denis Shmygal said.
“The compensation mechanism will be similar to the program “eRecovery”. But, given the situation in the region, the application will be made through local authorities. A person will choose one of two options. Either buy another home, or take the money to repair or rebuild their own house on their own,” Shmygal said at a government retreat in the Kherson region on Friday.


PM Orbán: Hungary ready to provide financial aid to Ukraine on bilateral basis

Hungarian Prime Minister Viktor Orbán said Hungary did not veto EU macro-financial assistance to Ukraine and that Budapest is ready to provide financial assistance to Ukraine on a bilateral basis.
“Today’s news was all about Hungary vetoing financial assistance to Ukraine. This is fake news. Hungary is ready to provide financial assistance to Ukraine on a bilateral basis. No veto, no blackmailing,” he said in Twitter.
At the same time, Orbán said “we do want to convince the EU member states that common EU debt is not the solution.”
“We envision a different future for Europe. One built on strong member states, instead of huge piles of common debt,” he said.

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Germany will provide Ukraine with financial aid and 350 generators

Germany will provide Ukraine with €56 million in financial aid and 350 generators to restore its energy infrastructure, the German government’s press service said after a conversation between Ukrainian President Vladimir Zelensky and German Federal Chancellor Olaf Scholz.
“President Zelensky briefed on the consequences of Russian airstrikes on civilian infrastructure, water and electricity supplies. The Chancellor condemned the ongoing shelling and assured Ukraine of further short-term support. So far, the federal government has provided short-term financial assistance to repair energy infrastructure of about 56 million euros, and Germany is providing more than 350 generators,” the chancellor said in a statement posted on his website Tuesday evening.
In addition, Scholz “confirmed Germany’s continued support for Ukraine, including air defense and long-term reconstruction.”

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Japan will increase financial assistance to Ukraine from $100 million to $300 million, Ukrainian Finance Minister Serhiy Marchenko said after a meeting with Japanese Finance Minister Shunichi Suzuki on Friday.
“We already had the decision of the Japanese government to provide financial assistance to Ukraine – $100 million. During a personal meeting, the Japanese finance minister supported our request to increase funding to $300 million,” Marchenko wrote on Facebook after the meeting.
He also met with Italian Finance Minister Daniele Franco and discussed with him a new loan program, the details of which Marchenko has not yet disclosed.



The European Parliament will vote on the third macro-financial assistance program for Ukraine in the framework of the plenary session on June 13. The program envisages the allocation of EUR 1 billion. According to the information posted on the website of the European Parliament, a voting on a package of further macro-financial assistance for Ukraine is scheduled for Tuesday, June 12, and Wednesday, June 13. MEP Jaroslaw Walesa is to report on it.
As reported, the EU Council approved the allocation of financial assistance to Ukraine in the amount of EUR1 billion, which is expected to be used by the Ukrainian authorities within the next two years. The purpose of allocating funds is “economic stabilization and a program for structural reforms.”
This is the third package of financial assistance to the Ukrainian authorities from the EU since 2014. In 2014, the EU sent aid to Ukraine in the amount of EUR 1.6 billion, and in 2015 – EUR 1.8 billion.