AUB News

On December 16, a memorandum was signed in Kyiv on the creation of a consumer credit market association — a voluntary platform for participants in the non-banking financial sector, which is designed to form a unified market position on regulatory initiatives, promote the development of responsible lending, and ensure systematic communication with key stakeholders, in particular with the National Bank of Ukraine.

The initiative brings together non-bank financial companies around common principles of transparency, integrity, and protection of the rights of consumers of financial services. The association is being created as a professional communication platform for expert discussion of regulatory changes, coordination of market positions, and interaction with government authorities, parliament, international partners, and other interested parties.

The association is being formed without creating a legal entity and will operate in compliance with Ukrainian legislation on the protection of economic competition. Its activities do not involve coordinating the competitive behavior of participants, but are aimed at developing a mature, structured, and responsible consumer lending market.

Goals and objectives of the association

The memorandum defines the key areas of activity for the Association, including:

• forming and presenting a consolidated position of non-bank financial institutions on draft regulatory changes and requirements, particularly in the area of responsible lending and consumer protection;
  
• developing voluntary principles and recommendations for ethical and operational activities, including transparency of lending terms and honest interaction with customers;
  
• creating a systematic communication platform for interaction with the National Bank of Ukraine, government authorities, international partners, and other stakeholders;
  
• promoting the sustainable development of the non-bank lending sector, its integration into European standards of regulation and self-regulation, as well as increasing consumer confidence in financial services. 

Andriy Dubas, a resident of the Association of Ukrainian Banks, emphasized that the creation of the Association was a response to market demand and aims to move from declarations to practical coordination and open dialogue:

Andriy Dubas, President of the AUB:

"Today's meeting is not a formal event, but a response to the request of financial companies regarding the need to create a consumer lending market association. We deliberately chose the format of an open round table, where all participants are equal, so that it would not be just a formal signing of a memorandum, but a space for meaningful discussion and exchange of views.

It is important that communication with the regulator and other stakeholders is professional, consistent, and understandable. That is why the Association of Ukrainian Banks is ready to take on the function of forming and developing the Association's external communication tools, in particular in cooperation with the National Bank of Ukraine. We also understand that the creation of the Association is not the end, but the beginning of joint work, and the initiative remains open to all market participants who share the principles of responsible and transparent lending."

Elizaveta Ivankevich, Head of Partnerships at the Ukrainian Association of Fintech and Innovative Companies (UAFIC), emphasized the importance of transparent rules of the game and consolidation of market efforts in the context of European integration changes:

Elizaveta Ivankevich, Head of Partnerships at UAFIC:

"It was fundamentally important for us to create such an association, as we consistently advocate for transparent rules of the game in the market and open dialogue between all its participants, including the regulator. Large-scale changes related to the implementation of European Union requirements are ahead, and only by consolidating our efforts will we be able to implement them qualitatively and effectively.

I would like to emphasize that the creation of such an association is also important in terms of ensuring equal lending conditions, including for vulnerable groups of the population, such as veterans. Therefore, this initiative is extremely important to us, and we fully support it."

Representatives of financial companies that joined the Memorandum emphasized that the creation of the Association is a practical step towards market consolidation and improving the quality of interaction both between the participants themselves and with regulatory authorities. The participants noted the need to develop common standards and a “single voice” for the market when discussing regulatory changes, especially in the context of European integration processes.

Particular emphasis was placed on the fact that such a platform would simplify and accelerate the approval of legislative changes and the subsequent implementation of new requirements in the practical activities of financial companies. Participants also supported the principle of openness of the Association to a wider range of non-bank financial institutions, regardless of their size, provided that they adhere to the principles of responsible lending, transparency, and integrity in their work with clients.

Signatories to the Memorandum

AVENTUS UKRAINE LLC
MANIVEO FAST FINANCIAL ASSISTANCE LLC
1 SAFE AGENCY FOR NECESSARY LOANS LLC
SPOZHIVCHYI CENTR LLC
LINEURA UKRAINE LLC
UKR KREDIT FINANS LLC
MILOAN LLC
SELFI KREDIT LLC
STAR FINANCE GROUP LLC
BIZPOZYKA LLC
SLON CREDIT LLC
OPTIMAL CREDITS LLC
FINANCIAL COMPANY NOVI CREDITS LLC
Association of Ukrainian Banks,
Ukrainian Association of Fintech and Innovative Companies, and All-Ukrainian Association of Financial Companies.

The initiators and participants of the Memorandum announced that a constituent meeting is planned in the near future to elect the leadership of the Association's Council and determine the priority areas of its activities. The Association remains open to new members who share its declared principles and goals.