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“Kyivstar” is going to compete with banks

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The mobile operator “Kyivstar” expects to enter the financial market in 2016 as Svyatoslav Gorban, a marketing director of the company, announced at the press conference on Friday.

“Kyivstar” has already developed a platform and now is completing the registration of the subsidiary “StarMoney”. “Kyivstar” registered the company “StarMoney” in August and is currently working on obtaining the necessary license from the National Bank of Ukraine (NBU).

The new company will provide financial services to pay for various services and shopping via the Internet. Customers of the operator will be able to pay for goods and services from their mobile accounts. The main activity areas of the company are financial services (except insurance and pension funding): financial leasing, microcredits, and remittances as well as data processing and publication of information on websites.

At the moment “Kyivstar” has more than 25 million subscribers. None Ukrainian bank has such a large number of customers. The largest one is Privatbank which serves about 15 million Ukrainians. Besides waiting for approval from the NBU, “StarMoney” is looking for a bank partner for payment execution.

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