# Fintech’s support of Ukraine’s digital businesses can be used as blueprint across the world Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-01-17 Category: TECHNOLOGY Category URL: https://financedigest.com/category/technology Meta Title: Supporting Ukraine's Digital Business & Freelance Community Meta Description: Discover how the fintech industry is enabling Ukrainian businesses to continue operations during the conflict and access global markets through digital URL: https://financedigest.com/fintechs-support-of-ukraines-digital-businesses-can-be-used-as-blueprint-across-the-worldhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-1135162989-1736814567512-compressed.jpg) _![](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/91-1736814567434-compressed.jpg)_ _By **Liubov Danylina** Sales Director, Acting Country Manager for Ukraine – Payoneer_ The human impact of war is devastating and the war in Ukraine has been no different. It is through difficult times like this that the country’s digital business and freelance community have needed the support of the fintech industry. Whilst it may seem like the last thing on people’s minds, being able to continue to do [business is crucial way](https://www.financedigest.com/3-ways-to-go-about-testing-your-business-ux-design.html "3 Ways to Go About Testing Your Business’ UX Design") to support the communities of Ukraine. Operating under the shadow of war unsurprisingly, has a huge [impact on business](https://www.financedigest.com/exclusive-qatarenergy-boss-says-world-cup-tension-will-not-impact-german-business.html "Exclusive-QatarEnergy boss says World Cup tension will not impact German business"). However, we recently polled over 4,000 of our customers in Ukraine and found an astonishing amount of resilience. 70% of Ukrainian SMBs are continuing to operate during the conflict, with 63% of businesses able to retain most, if not all, of their staff and 38% of Ukrainian SMBs intending to hire more staff this year. The message from the business community is clear, they are looking beyond the struggle and want to [continue to do business](https://www.financedigest.com/brand-metrics-continues-on-steep-growth-trajectory-with-appointment-of-vp-business-development-in-the-us.html "Brand Metrics continues on steep growth trajectory with appointment of VP Business Development in the US"). In the current situation, this demonstrates an unbelievable level of determination and that should be met with an equal level of effort by the fintech sector. Financial services companies have a [responsibility to enable](https://www.financedigest.com/forescout-and-fireeye-expand-partnership-enabling-faster-response-to-cybersecurity-threats.html "FORESCOUT AND FIREEYE EXPAND PARTNERSHIP, ENABLING FASTER RESPONSE TO CYBERSECURITY THREATS") these businesses and individuals to continue operating and providing services to customers across the world. Our role as enablers of global [digital commerce is never more important than in times](https://www.financedigest.com/playground-xyz-study-finds-carbon-emissions-from-digital-ads-fall-by-63-on-average-when-measured-and-optimized-for-attention-time.html "Playground xyz study finds carbon emissions from digital ads fall by 63% on average when measured and optimized for attention time") of crisis. Making cross-border payments as quick and easy as possible is a crucial way in which we can help to drive [growth for these businesses and support](https://www.financedigest.com/how-technology-can-support-insurance-business-growth.html "How technology can support insurance business growth") them. Ukraine has a vibrant freelance community and a maturing [fintech market](https://www.financedigest.com/2021-and-the-fintech-market-bonanza.html "2021 and the fintech market bonanza") which means that thankfully when traditional finance becomes a challenge, businesses can continue to pay and be paid. In volatile [markets where business](https://www.financedigest.com/9-ways-to-present-your-business-marketing-pitch.html "9 Ways to Present your Business Marketing Pitch") operations are subjected to crises, finding a reliable means of accessing the global market is key to survival. When unprecedented events threaten markets, fintech companies can move quickly to address the reduction of mobility gaps, both social and economic, and facilitate immediate financial [support during times](https://www.financedigest.com/uks-sunak-to-halve-support-that-helps-businesses-pay-fuel-bills-the-times.html "UK’s Sunak to halve support that helps businesses pay fuel bills -The Times") of crises. For example, after the outbreak of war, The Ministry of Social Policy of Ukraine introduced eDopomoga, a platform allowing donors from [around the world](https://www.financedigest.com/around-the-world-in-mobile-payments.html "Around the world in mobile payments") to make an online donation which can then be turned into grocery vouchers for Ukrainian citizens in need of basic supplies. This is a perfect example of the power of [digital payments](https://www.financedigest.com/can-i-please-speak-to-someone-why-building-relationships-is-still-crucial-in-digital-payments.html "“Can I please speak to someone?” Why building relationships is still crucial in digital payments") in times of crisis. Fintech also provides a huge [opportunity for developing nations with limited access to traditional methods of banking](https://www.financedigest.com/uk-retail-banks-is-irrelevance-curtailing-opportunity.html "UK Retail Banks: Is Irrelevance Curtailing Opportunity?") to be included in a global trading network. In these markets, accessing the [digital economy via traditional banking](https://www.financedigest.com/britains-digital-banks-need-support-amid-banking-turmoil-trade-body.html "Britain’s digital banks need support amid banking turmoil – trade body") methods often entails a disproportionate cost, less competitive interest rates and fewer digital services. This can price out [small businesses](https://www.financedigest.com/10-dirty-tricks-for-small-businesses-to-watch-out-for-when-negotiating.html "10 dirty tricks for Small Businesses to watch out for when negotiating") in these less mature markets. The only pre-requisite for payment technology is access to digital networks, and with over 4 billion mobile phone users in the world [\[1\]](#_ftn1), the digital gap is closing. This presents opportunities to drive digital commerce and soften the impact of borders for SMEs, facilitating an inclusive [global environment that is helping all businesses](https://www.financedigest.com/2021-the-year-of-the-global-workforce-for-british-small-businesses.html "2021: The Year of the Global Workforce for British small businesses ") grow. Even in leading markets such as China, we’ve witnessed the [transformational impact of digital](https://www.financedigest.com/3-reasons-why-businesses-get-stuck-at-the-starting-gate-of-digital-transformation.html "3 Reasons Why Businesses Get Stuck At The Starting Gate Of Digital Transformation") commerce for independently owned SMBs. Fintech products such as Yu’ebao have been integral to the country’s recovery from financial recession. When harnessed correctly, these solutions can [level the playing field](https://www.financedigest.com/using-agility-to-resist-economic-instability-and-level-the-playing-field.html "Using agility to resist economic instability and level the playing field") by enabling SMBs in the remotest parts of the world to access a global marketplace through an easily accessible online platform. [Collaboration between new technology companies and long-established financial institutions will be key in enabling businesses](https://www.financedigest.com/5-ways-cfo-and-cio-collaboration-can-benefit-the-business.html "5 Ways CFO and CIO collaboration can benefit the business") to flourish in more complex markets. When it comes to global payments, fintech companies have been built with globalisation at their heart and therefore can work seamlessly across borders. The ecosystem should work in [close partnership with banks and established financial](https://www.financedigest.com/fast-track-financial-close.html "FAST-TRACK FINANCIAL CLOSE") institutions in the region to make the processes as easy as possible for small business owners who are already time poor and often under immense stress. Recent economic shocks have underlined the key role played by SMBs in economic development and global market recovery. These companies create jobs, nurture local economies and [support communities](https://www.financedigest.com/51-of-brits-support-teresa-may-and-would-grant-access-to-their-personal-communication-and-internet-browsing-history-as-part-of-the-snoopers-charter.html "51%* of Brits support Teresa May and would grant access to their personal communication and internet browsing history as part of the Snooper’s Charter "). Our recent research into the [state of e-commerce merchants in the UK showed that 36% of small-medium e-commerce merchants believe their number of employees will grow over the next twelve months](https://www.financedigest.com/inflation-in-key-german-states-eases-for-second-month.html "Inflation in key German states eases for second month"). It is, therefore, key that we give these [businesses the platform](https://www.financedigest.com/national-world-launches-new-ad-manager-platform-powered-by-danads-empowering-businesses-to-take-control-of-their-advertising.html "National World launches new ad manager platform, powered by DanAds, empowering businesses to take control of their advertising") to flourish. A barrier for SMBs is [financing growth and this is something fintechs](https://www.financedigest.com/3-key-ways-you-can-transition-from-finance-to-fintech.html "3 key ways you can transition from finance to fintech") are addressing. Previously, for [businesses to receive adequate funding they were faced with rigorous in-person application processes](https://www.financedigest.com/5-reasons-why-modernising-is-the-most-important-ongoing-process-for-any-business.html "5 Reasons Why Modernising Is The Most Important Ongoing Process For Any Business"), often resulting in fund refusal. But new technology has facilitated online lending and innovative digital-first cash flow solutions, simplifying and accelerating the process for smaller [businesses to access capital](https://www.financedigest.com/frances-ynsect-to-refocus-bug-business-after-capital-increase.html "France’s Ynsect to refocus bug business after capital increase") funding. The interconnected nature of global digital commerce today means that global [events which previously brought businesses](https://www.financedigest.com/how-to-bring-business-and-charities-together-through-events.html "How To Bring Business And Charities Together Through Events") to a standstill, no longer stop them from reaching customers. In markets such as Ukraine, where businesses are going through crisis, [digital finance](https://www.financedigest.com/how-digital-is-transforming-finance-in-2023.html "How Digital Is Transforming Finance in 2023") is ensuring trade can continue. Fintech has been key in ensuring Ukrainian [businesses can continue to operate as they look to survive unprecedented disruption](https://www.financedigest.com/disruption-and-innovation-four-predictions-for-the-business-landscape-in-2016.html "DISRUPTION AND INNOVATION – FOUR PREDICTIONS FOR THE BUSINESS LANDSCAPE IN 2016") to their operations. As businesses show remarkable resilience, the fintech [sector must work to ensure their global prospects are not confined by geo-political circumstance or local economic](https://www.financedigest.com/combatting-economic-uncertainty-in-2023-with-the-payments-sector-2.html "Combatting economic uncertainty in 2023 with the payments sector") opportunity. [\[1\]](#_ftnref1) [https://www.businesswire.com/news/home/20210624005926/en/Strategy-Analytics-Half-the-World-Owns-a-Smartphone](https://www.businesswire.com/news/home/20210624005926/en/Strategy-Analytics-Half-the-World-Owns-a-Smartphone) --- This blog is powered by Superblog. 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