We are pleased to inform you that Webitel participated in the Ukrainian Fintech Catalog 2024, representing the largest industry sector, Technology & Infrastructure. The Fintech Catalog is an annual market research that includes a list of important projects implemented by state institutions, industry statistics, top managers’ overviews, and achievements of Ukrainian fintech companies.
The study was prepared by the Ukrainian Accossiation of Fintech and Innovation Companies with the support of the Ministry of Digital Transformation, the National Bank of Ukraine, the International Financial Corporation (IFC) in partnership with the Swiss State Secretariat for Economic Affairs (SECO) and the UK Government's Effective Governance Fund in Ukraine (GGF) and the Ukrainian Startup Fund.
The new issue illustrates the activity peculiarities and results of the Ukrainian tech and financial companies during the second year of the invasion. Despite the consequences of the war, Ukrainian fintech companies have demonstrated high adaptability and progress. Let’s take a look at the highlights of the catalog.
The key moments of research:
Institutional initiatives and updates During a year, the Ukrainian state institutions, public organizations and private companies launched new projects, conducted negotiations, and established cooperation with each other and foreign institutions. The National Bank of Ukraine approved the new Development Strategy for Ukraine's Financial Sector and the Concept of Open Banking and outlined the implementation methods. In addition, the NBU, European Bank for Reconstruction, the U.S. Treasury Department, and SECO signed the memorandums of cooperation. In 2023, the NBU completed the project of creating an instant payment model based on the ISO 20022 standard under the SEPA instant credit transfer scheme. Another important financial market event was the launch of Etsy Payments in October 2023.
Market shares The Technology & Infrastructure sector grew by 12% compared to the previous year and represents 36% of all survey respondents, thus leading the fintech market. Payments/Money transfer has the second position with a 15% share which testifies to the stability of the Ukrainian payment market. Digital lending closes the top three with a market share of 7%. This result decreased by 5% in comparison with the previous year.
The main tendency is a market share reduction among all fintech industries. Only Cybersecurity/Anti-fraud, Consulting/Analytical systems, and Business lending areas have shown a growth of 2%, 1%, and 3%, respectively, while the Electronic wallets market share remained flat. Besides, a new industry, Fintech Investment, has appeared on the fintech map, which indicates the entrepreneurs’ interest in this market and their prospects for its development.
Stages of business development Most of the companies (54%) declared business scale. 27% of respondents are ‘mature’ companies. Meanwhile, 13% of respondents claim to have started sales, 5% are at the MLP stage and only 1% have a plan to implement the idea. These indicators confirm the high ambitions and desire for continuous development of Ukrainian entrepreneurs.
In addition, 62% of companies claim business increases during 2023. Compared to 2022, the market share of growing companies was 7%. So, Ukrainian businesses show flexibility and fast recovery despite the difficulties caused by the war and its consequences.
Market 89% of companies operate in the Ukrainian market, and for 42% of them, it’s the main one for selling their products and services. 47% of companies work on the global market while 38% plan expansion shortly. Ukrainian fintech companies mostly operate in such markets: Europe – 29%, Asia – 20%, USA – 16%, Middle East – 6%, Latin America – 5%.
Technologies Like in the previous year, API (71%), cloud services (44%), chatbots (36%), and AI (29%) were recognized as the key and commonly used technologies. Among popular technologies also were robotic process automation (23%), biometrics (19%), and low-code platforms (19%).
Webitel is a low-code communication platform for contact center automation. Configuring and launching chatbots for business is one of our core activities. Many platform services are based on Machine Learning, SST, TTS, and cloud technologies. We provide easy integrations with various systems and services through API. Therefore, we use most of the listed key technologies and offer clients innovative tools for productive contact center work.
We are grateful to the authors and partners of study for the complex market overview and the opportunity to share Webitel's experience and expertise. For many years, we have been working with banks, financial, insurance, and technology companies helping them organize and automate customer communications, and increase sales, brand awareness, and market share.
We were glad to see our customers and partners on the catalog pages and learn about their achievements and plans. We are happy to share the success and stability of Ukrainian business. We sincerely believe that cooperation and synergy will help Ukrainian companies overcome the challenges of war and reach new heights.
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