Ukraine’s National Commission for Financial Service Markets Regulation on December 18 amended the strategy for reforming the public regulation of the nonbanking financial service market for 2015-2020 approved by commission resolution No. 499 dated March 19, 2015, according to a posting on the website of the League of Insurance Organizations of Ukraine (LIOU).
According to the league, the goal of the strategy is to reform the public regulation of nonbanking financial services markets to ensure favorable conditions for their further development, increase investment attractiveness, restore consumer confidence in nonbanking financial services, and enhance the role of the nonbanking financial sector in the social and economic life of the country.
According to resolution No. 2230 of the regulator dated December 18, 2018, the main objectives are to bring the regulatory environment of the nonbanking financial services market to international standards of regulation and supervision, improve the activity of the regulator and increase the effectiveness of public supervision, and increase the level of financial inclusion and protection of the interests of consumer of nonbanking financial services, create favorable conditions for the strengthening and sustainable development of nonbanking financial services markets.
In particular, to achieve the strategic goal of creating an enabling environment for strengthening and sustainable development of nonbanking financial services markets, the strategy is expanded by the objective of improving the system of analysis, forecasting and strategic policy planning in the provision of nonbanking financial services.
Latvia’s Lattelecom plans to occupy 12% of the Ukrainian cloud service market in 2018, Director for Business Development Data Processing Centers Maris Sperga has told Interfax-Ukraine.
“The market growth of cloud services in 2018 is planned at the level of 12-13% – not as large as last year. We plan that this year we will grow to 12% of the Ukrainian market. This is our goal, to which we are going,” he said.
According to Sperga, the company has been active in Ukraine for five years and during this time has reached volumes of 10% of the cloud services market in Ukraine.
“Last year was very positive for us: on the Ukrainian market we grew by about 40%, taking into account the fact that the market itself grew by 27%, which means that we outstripped its growth and were able to gain an additional share in the market,” he said.
Sperga also said that according to the International Data Corporation (IDC) research company, the Ukrainian market of cloud technologies is about $16 million.
Lattelecom has been operating in the Ukrainian market since 2013.
In 2016, Ukrtelecom agreed with Lattelecom to start cooperation on providing Ukrainian companies with the possibility of renting virtual servers or the “cloud” data center of Lattelecom located on the territory of the EU in Riga.
