The first incubator of fintech-startups appeared in Ukraine

The first incubator of fintech-startups appeared in Ukraine

1991 Open Data Incubator Non-Governmental Organization and MasterCard company opened the first Ukrainian incubation program for financial and technological startups — Fintech Master. Incubator will search for the startups that develop fintech-solutions using Mastercard technologies and open data of financial institutions — namely of the National Bank of Ukraine that has already supported the initiative.

Vera Platonova, CEO of Mastercard in Ukraine, Moldova, Georgia and Central Asian countries, believes that startups hold the potential to transform the landscape of payment market.

In August-September of this year Mastercard has interviewed representatives of banking sector, and it turned out that 45% of them support disclosure of non-confidential data to developers, for them to create applications and services. The majority of respondents (58%) noted that their bank is ready to implement fintech-solutions, and 71% of bankers consider it expedient to monitor and purchase these solutions. Meanwhile, almost 68% of survey participants noted that up to now they have no cooperation experience with startups.

Ukrainian bankers believe that such field as remote banking, big data, forecasting, payments, money transfers, and e-wallets have maximum potential. But projects in the field of credit granting, financing, crowdfunding; conversational commerce, management of capital and trading; smart cities creation; financial monitoring management of loyalty programs, are also welcomed to participate.

According to Denis Gursky, Founder of 1991 Open Data Incubator, obligatory condition for startup participation in program is its work that complies with the law. Therefore, projects working with cryptocurrencies and Blockchain technology, will be cautiously analyzed, and will be checked for compliance with the law.

Nevertheless, there are no separate restrictions as to participation of such startups in the program. Moreover, for the startup to get into the incubation program, it shall have Ukrainian origin, shall be located in Kyiv (at least for the duration of program). Requests for participation may be filed on the website of Fintech Master by September 30.

At this stage, incubator expects to get about 200 applications from startups. According to the estimates of Denis Gursky, this is the number of intending persons, who usually file their requests to other incubation programs of 1991 Open Data Incubator.

Those, who will be qualified for incubator, will get three months of free incubation program, and will also have the opportunity to work in office and to attract experts-mentors in financial and technological market. In view of the program results, the best startups will be able to introduce their cases to a wide range of representative persons from the financial sector as a part of final gala event.

Amount of investments in incubation program creation is undisclosed.