Ukrainian law firm AEQUO is well-positioned for handling complex financial regulatory matters with the vivid expertise in Fintech. The team acted for Fintech service companies, start-ups and marketplaces, as well as corporations extending their business through introduction of innovative technologies and development of new Fintech products and services. The firm advised the International Finance Corporation on its initiative associated with increasing the financial inclusion of the Ukrainian population, and has developed a road map on the reform agenda, required in the area of VC financing in Ukraine to create the conducive environment for developing a venture financing mechanism in Ukraine. The practice lead partner, Yulia Kyrpa, is very noticeable for her consistent efforts aimed at developing legislation in the Fintech area.
Baker McKenzie has a vivid practice of regulating financial services with the growing scope of Fintech and projects implementing sophisticated technology for the financial industry sectors – digitalization. The firm makes use of expertise in the regulatory, contractual, cybersecurity and data protection aspects of new technologies being implemented in the financial sector. The Kyiv team advised Raiffeisen Bank, a leading Ukrainian commercial bank, on the launch of the banking services offered through Fairo, an all-in-one mobile app for freelancers and entrepreneurs, which was launched first on the Ukrainian market and is expected to be a groundbreaking service in Central and Eastern Europe. In addition, the team advised an operator of the international payment system in building its solutions for its participants with regard to application of collateral techniques enabling the meeting of ratios imposed by the NBU on Ukrainian banks promoting the use of electronic payment instruments. For the last couple of years counsel Maksym Hlotov has been vividly noticeable and contributed to the development of financial services regulatory, Fintech and digital transformation practices within the firm[1].
CMS Cameron McKenna Nabarro Olswang combines banking transactional practice, regulatory and well-versed IT practice. The office’s portfolio took in advisory on cross-border data transfers, localization of online platforms for Ukraine, banking data processing, payments and e-commerce related issues. The fintech workload is led by two partners – Olga Belyakova, and CEE co-head of the technology, media and communications sector group, and Ihor Olekhov, head of the banking and finance practice in Kyiv.
Dentons commands one of the largest Fintech practices globally, advising the world’s leading global banks and non-bank financial institutions such as e-money issuers, payment service providers and peer to peer lenders. The team assists with market entry, delivering regulatory support, regulation of virtual assets, cryptocurrency regulations. The office advised a Danish provider of financial services and technologies based on decentralized protocols in relation to the launch of the client’s product in Ukraine; the National Bank of Ukraine regarding regulatory initiatives on Fintech development in Ukraine, with particular focus on regulation of Fintech sector representatives. Natalia Selyakova, partner of banking and finance practice, actively developed its Fintech offering.
Having expanded its transactional profile over the last couple of years, INTEGRITES added instructions in financial services, banking compliance in Fintech. The dedicated workload included advising on the development of an online banking platform, launching Fintech products and expanding them, structuring Fintech operations, neo-banking. The projects are led by the firm’s partners, Illya Tkachuk and Dr. Oleh Zahnitko.
Juscutum Law Firm is one of the longstanding market players with a distinct focus on IT sector and data protection issues, expertise spanning in the areas of Fintech, cryptocurrencies, blockchain. The firm renders legal support for Fintech projects and plays a notable role in policy-shaping initiatives, advising on legislation in the field of digital currency regulation. The firm provided comprehensive legal advice on the status of the cryptocurrency market in Ukraine; launch of currency exchange services; digital currency regulation. Artem Afian, managing partner, drives practice development and policy-making efforts.
Sayenko Kharenko has a well-established portfolio of Fintech projects that are performed by firm’s cross-functional teams of the banking and finance, data protection, cybersecurity and TMC practices. The team is drawn up into both traditional clients in banking and specialized financial services as well as new entrants and start-ups working on innovative solutions like digital payment methods. Recent experience, among other things, included complex support for the launch of various services in Ukraine, including localization requirements, shaping data protection policies and terms of use for services. Lead partner Nazar Chernyavsky uses his extensive experience in banking and finance with transactional experience in the IP and IT sector. The senior counsel team involved in Fintech projects consists of Oleg Klymchuk (IP/IT/TMT) and Iryna Bakina (financial services regulation and payment systems).
Being consistently dedicated to the IT sector, Stron Legal Services covers subsequent aspects of the financial services industry and Fintech assignments, advising operators in e-payments and the e-money industry on establishing their operations in EU countries. The firm’s clients include payment services providers, electronic money institutions and virtual financial asset providers. In particular, the firm rendered legal assistance in complex projects, including, inter alia, obtaining an electronic money institution license in Malta, including supporting a USD 10 million per annum investment; obtaining a virtual assets license in Malta; acquiring a management and operating license for virtual assets in Estonia and communicating with the state regulator. Managing partner Oleg Derlyuk is the main contact.
Ulysses (previously known under the brand name of Marchenko Partners) is experienced in the regulatory field and also served as a bridge between the conventional banking sector and avant-garde Fintech companies. The firm’s recent expertise included advising on a new financing solution and a Fintech platform providing access to finance for supporting small-to-medium businesses. Roman Shulyar is lead partner.
The Kyiv office of Wolf Theiss is often enlisted to advise on financial services regulations, money issuance and circulation, money remittance and other payment services. The team quite recently also added Fintech work to its banking practice profile. In 2021 the team advised Voice Group Inc. on Ukrainian law regulatory issues and applicable aspects with respect to the launch of a blockchain-based platform and token. Oksana Volynets, senior associate, is practice head.
[1] In March 2022 he joined Mastercard as a senior counsel.