The Association of Ukrainian Banks (AUB), the League of Insurance Organizations of Ukraine (LSOU) and the Consumer Lending Market Association (ORSK) signed a memorandum of cooperation to coordinate the positions of the banking, insurance and non-bank financial sectors at a press conference at Interfax-Ukraine on Thursday.
The parties agreed to promote fair competition, equal cooperation between professional associations, and the adaptation of Ukrainian financial services legislation to European Union law, the statement said.
"The memorandum forms the basis for a consolidated market position where there is common interest – above all on preventing anticompetitive approaches to financial market regulation," AUB President Andriy Dubas said.
European integration will be one of the priority areas of cooperation, since the adaptation of financial legislation will take place within tight deadlines and will require a coordinated response from various market segments.
Professional associations need to be involved in preparing decisions at the stage when concepts are being formed, since it is much harder to respond once regulations have already been approved, Dubas said.
"Combining the expertise of the banking, insurance and non-bank communities will allow us to shape quality decisions that meet the interests of the market, the state and consumers of financial services," LSOU President Viktor Berlin said.
He said the financial sector should act as a single professional team on matters of economic development, European integration and improving the regulatory environment.
ORSK Council Chairman Oleksandr Kholod named the digitalization of financial services, improving client creditworthiness assessment, financial monitoring, consumer rights protection and equal access to financial services among the areas of joint work.
"A coordinated position among professional associations allows for the preparation of stronger and more balanced proposals for the state," he said.
Other challenges include war and cyber risks, as well as threats linked to the development of artificial intelligence.
The memorandum is open to other financial market professional associations joining. The parties plan to present a joint action plan for the areas of cooperation in the near future.
