UAPAY RECEIVED A LICENSE FROM THE NATIONAL BANK OF UKRAINE AND THE STATUS OF A PAYMENT INSTITUTION

The UAPAY company successfully passed authorization and received a license from the NBU, which allows it to continue its activities as a payment institution. The new license was necessary in connection with the new conditions for obtaining a license by non-banking institutions operating in the spheres and providing financial payment services, the old licenses will cease to be valid from May 1, 2023.

In August 2022, the new Law “On Payment Services” entered into force, which improves the Ukrainian financial market and brings its legal regulation closer to the norms of European legislation. According to it, companies wishing to continue their work had to undergo authorization, the order of the procedure is determined by the Regulations approved by the Resolution of the Board of the NBU No. 217 of October 7, 2022.

” Back in 2015, UAPAY obtained a license to conduct money transfers in the national currency. Now we are actively working on optimizing our processes taking into account European standards and maintaining a high level of our activity in order to meet not only the needs of our customers, but also the requirements of the law , ” comments Dmytro Zarakhovich, founder and managing partner of UAPAY.

We will remind that UAPAY recently received an award at the Ukrainian Fintech Awards in the nomination “Best payment provider for marketplace ” for its contribution to the development of the fintech industry.