NBU, 1991 and OTP Bank are looking for fintech startup


Non-profitable incubator of projects based on big and open data, 1991 Open Data Incubator, NBU (National Bank of Ukraine) and OTP Bank launched joint incubation program Open Banking Lab.

Open banking concept — is the new banking industry standard, when banks provide third-party developers with the access to open (non-confidential) data and their own APIs. Developers are permitted to use the functional and content of the bank in their own applications and platforms.

The goal of open banking is to improve the quality of customer care in the banking sector.

As part of incubation program, 1991 Open Data Incubator will promote startups that develop products based on open banking data. OTP Bank is the general partner and project sponsor. NBU and OTP Bank will grant access to open data and corporate APIs.

“We hope that this initiative will get economic embodiment in the form of competitive, useful solutions from incubator participants,” — Liliya Lazepko, Member of the Board of JSC “OTP Bank”, who is in charge of operating activity and IT, said.

“From now onward, open data standards walk not only along the state corridors, but have new dimensional existence — corporate one. Corporate data is of high quality, expensive and carefully selected. We offer startup community to work straight with this data in Open Banking Lab project,” — Denis Gursky, founder of 1991 Open Data Incubator, said.

NBU believes that the desire of commercial structures to “share” data via API-protocols gives rise to the new development stage of Ukrainian financial sector. When the consumer has such data exchange technologies, which will be further developed, he will be able to get financial services on a real-time basis not from the servicing companies, but from high-tech fintech companies as well. “Sure thing, such systems require certain rules to protect information and data usage (only if requested by the customer, for instance) for the customers to have sufficient level of confidence to new ways of service delivery,” — Mykhailo Vidiakin, Head of the NBU Office for Banking System Strategy and Reform, said. According to him, implementation of new EU Payment Services Directive PSD2 in Ukraine, as a part of harmonization of laws with EU legislation, will also help to resolve these issues.

This is not the first Ukrainian initiative on the search for fintech startups. In September, 1991 Open Data Incubator and Masterсard  company launched incubation program for financial and technological startups — Fintech Master.