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Ukrainian central bank inks cooperation deals with Kazakh, Lithuanian regulators

The National Bank of Ukraine signed two separate agreements with the National Bank of the Republic of Kazakhstan and the central bank of Lithuania, Lietuvos bankas, to foster cooperation in the areas of banking supervision and financial innovations.

Under the agreement with the Kazakh regulator, the Ukrainian central bank wants to exchange supervisory information on the activities of financial companies and their cross-border subsidiaries, as well as information regarding financial market indicators and changes in supervisory regulations and requirements.

These two central banks will also cooperate during the inspections of cross-border financial institutions and banking groups. In addition, the agreement envisages exchange of information between the two regulators in order to combat money laundering and financing of terrorism.

Meanwhile, the main purpose of the agreement between the Ukrainian and Lithuanian central banks is to provide a common framework for cooperation and exchange of experience and information about regulatory issues linked to innovation in financial services, emerging market trends and developments, and innovations in financial services in the Ukrainian and Lithuanian markets.

The agreement between the Ukrainian and Lithuanian regulators also envisages the possibility of participating in joint innovation projects on the application of key technologies, including digital and mobile payments, distributed ledger, big data, and API platforms.