Most companies in the non-banking financial market are ready to comply with new requirements and play by civilized rules, First Deputy Governor of the NBU Kateryna Rozhkova said in a column for Economichna Pravda publication.

According to her, since July 2020, when the NBU became the regulator of the non-banking financial market, the number of players on it has halved. Most went out of business voluntarily, relinquishing all licenses due to the founders' lack of strategic vision.

Certain number of institutions were excluded from the register by decision of the regulator, in particular due to failure to comply with licensing conditions. The cleaning of the segment will continue, Rozhkova said.

"Our ultimate goal is the development of a sustainable civilized market, efficient and transparent, meeting EU legislation and international standards," the NBU first deputy governor said.

She also said the regulator's plans include improving approaches to risk-based supervision, implementing the law on "automobile insurance," building a military risk insurance system, updating regulation of factoring and the activities of actuaries, improving regulation of the activities of credit history bureaus and credit intermediaries, introducing requirements for management system for payment market participants.

According to her, the non-bank financial market has the potential for significant growth, especially given the innovations in legislation regulating the payment services market and allowing them to be mini-banks.

"Synergy with fintech will make this market a worthy competitor to banking in the fight for clients," Rozhkova believes.