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MyCredit CEO Vladislav Belan spoke about regulation in fintech at the Ukrainian Credit Conference

10 авг. 2023 г.


Within the Ukrainian Credit Conference MyCredit CEO Vladislav Belan reported on the topic: "Ukraine and global trends in progressive regulation of the PDL market".

The main points from the presentation by Vladyslav Belan: 

1. The regulation of the microcredit market in Ukraine differs from that of Poland, Sri Lanka, and Vietnam. 

2. We have four levels of microcredit market regulation: 

📌 Regulation in Sri Lanka is at an initial level: no laws, no regulation. Any company entering the Sri Lankan market can provide loans; they only need to register and have the means to provide loans in the market.

📌 Vietnam has a more developed level: Vietnam has regulatory bodies for financial companies but lacks comprehensive laws. However, they are combating usury practices.

📌 Ukraine follows: approaching strict regulation in Ukraine, the microcredit market operates within the legal framework. There are regulators and laws governing the market and customer relations. Furthermore, the market is transparent, with developed financial infrastructure, credit history bureaus, etc.

📌 highest fourth level - Poland, where everything is highly regulated: rigorous regulation. Recently Poland enacted a law limiting the annual interest rate to 10% inclusive of all fees and additional payments.

3. Ukraine is on the brink of strict regulation. Regulation consists of two levels:

📌 Protection of borrowers' rights involves a reduction in debt burden and capping interest rates.

📌 Protection of creditors' rights, ensuring access to more customer history data and broader collection capabilities (electronic courts, enforcement orders).

This conference will be devoted to the discussion of the most relevant issues, problems, and trends in the credit markets, and creditworthiness. One of the main questions of the conference is to find out how to maintain the financial system's stability

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