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The Independent Association of Ukrainian Banks and the State Commission for Regulation of Financial Services signed a memorandum on cooperation and coordination of actions to create favorable conditions for development of the financial market in Ukraine.
"In order to ensure stable economic development it is necessary to develop the effective financial sector, which is able to provide a real sector of the economy with necessary financial resources. In this case, both businesses and ordinary citizens act as consumers of banking financial services and consumers of financial services on the non-banking financial market. Thus, the banking and non-banking financial sectors work closely together, creating a synergistic effect on the economy of the country with their effective development," the NABU statement said.
The memorandum involves a coordination of actions of the regulator and the leading banking association in the development of the legal framework that regulates the provision of financial services.