Ukraine's financial system is undergoing a large-scale transformation

Ukraine continues a comprehensive update of the financial sector within the framework of the approved long-term development strategy. The National Bank of Ukraine, the Ministry of Finance and other regulators reported significant progress in the implementation of planned reforms. As of the end of 2025, 77% of the measures of the Financial Sector Development Strategy are being implemented according to schedule or have already been fully implemented.

This was reported by the NBU press service. The document provides for a large-scale update of the banking system, capital markets, investment instruments and regulation of new financial technologies, in particular virtual assets.

Of the 104 planned strategic measures, 12 have been fully completed. The most notable results were achieved in the area of ​​macroeconomic stability and increasing the resilience of the financial system, which is a key element of the overall reform.

Among the results of 2025 is a comprehensive assessment of the stability of the banking sector and stress testing of 21 of the country's largest financial institutions. Business lending also increased: its level increased to 8.7% of GDP compared to 7.7% a year earlier.

An important direction was the update of the regulatory framework. In particular, the Mortgage Lending Strategy was approved and the draft law on regulating the virtual assets market was updated. The parliament also registered a draft law on personal investment accounts, which should expand citizens' investment opportunities.

In addition, the repatriation of dividends within the investment limit was allowed, the functionality of clearing institutions for the development of the securities market was expanded, and new rules for cyber protection and information security for financial organizations were approved. Separately, mandatory disclosure of financial reporting in XBRL format was restored.

Among the institutional changes was the adoption of a medium-term public debt management strategy for 2026–2028 and the development of a model for the development of capital markets infrastructure. Unified rules for pension payments have also been introduced and an electronic register of participants in the Deposit Guarantee Fund has been created.

Particular attention has been paid to the protection of depositors: mechanisms for remote reimbursement of funds have been improved, in particular through the “Diya” service, and tools for withdrawing insolvent banks from the market have been expanded. Additionally, rules for the use of cloud computing technologies in the financial sector have been approved.

Other important steps include the adoption of the law on the National Development Agency, approximation of competition legislation to EU standards, and preparation of changes to the work of the Deposit Guarantee Fund and collective investment institutions. A draft law has also been developed to implement the European directive on credit services, approaches to war risk insurance have been updated, and the NSSMC has submitted applications for accession to the international IOSCO memoranda. Separately, the state-owned share of the National Depository of Ukraine has been transferred to the management of the NBU.

In 2026, Ukraine plans to implement another 35% of the strategy's measures, and full implementation of all financial sector reform tasks is expected by 2030.