Polish fintech ZEN.COM has announced the full launch of its service in Ukraine. The company is entering the market with multi-currency accounts, payment cards, and tools for international transfers.
Polish fintech ZEN.COM has announced the full launch of its service in Ukraine. The company is entering the market with multi-currency accounts, payment cards, and tools for international transfers.
As Liga.net reports, the service has already become available in Ukraine, and ZEN.COM itself positions itself not as a classic bank, but as a financial application with an account, a card and a set of payment services. The company’s official website states that Ukrainian users will have a multi-currency account, international transfers, cashback, ZEN Care purchase protection and the ability to withdraw funds from PayPal without the standard loss on conversion.
For the Ukrainian market, the main emphasis here is not only on the appearance of the new service, but also on its format. ZEN.COM operates as a licensed European electronic money institution under the supervision of the Bank of Lithuania and uses the so-called passport rule for operation in the countries of the European Economic Area. This means that the company enters Ukraine with a ready-made payment infrastructure, and does not build a local bank from scratch.
It is especially important that the service already had products for Ukrainians before. The ZEN.COM website had separate pages for Ukrainians in Ukraine and abroad, as well as instructions on how Ukrainian citizens can open an account. That is, the current step rather means expanding and formalizing the presence on the Ukrainian market, rather than the first appearance of the brand for users from Ukraine.
For users, this may be interesting primarily in scenarios where settlements in different currencies, transfers to the EU or work with foreign platforms are required. At the same time, ZEN.COM should hardly be perceived as a direct analogue of a universal Ukrainian bank: by its logic, it is rather a payment and fintech service for daily international transactions. This follows from both the company’s positioning and the set of functions that it promotes in Ukraine.
ZEN.COM has already collaborated with the Ukrainian market in the field of transfers, in particular through integrations with Ukrainian cards, and on its Ukrainian pages the company has long promoted the opening of accounts for Ukrainian citizens. The new launch means that the service is now trying to establish itself in Ukraine as a separate fintech product with a wider range of payment instruments.
Previously, dev.ua wrote about how the Polish IT group Euvic entered the NewConnect stock exchange in Warsaw through a merger with the IT company eo Networks. The group includes 7 Ukrainian IT companies.
