Financial institutions have started using ‘Diyu’ to issue loans
This was announced by Oleksandr Kholod, director of Spozhyvchyi Tsentr LLC, as quoted by Interfax-Ukraine.
According to Oleksandr Kholod, the relevant functionality has already been launched and is operational in practice, rather than remaining merely at the planning stage. The market is gradually adapting to these new capabilities, and some companies are already utilising them in their operations.
The mechanism provides, in particular, for multi-sharing – where a customer in the “Diya” app consents to the transfer of their documents to a credit institution for the assessment of their creditworthiness.
New opportunities for the credit market
Using data from state registers enables financial companies to identify customers more accurately and verify their creditworthiness. This reduces risks, as the information provided by borrowers themselves may be incomplete, out of date or contain errors.
To connect to the “Dii” services, a financial company must meet a number of requirements: hold a licence, undergo verification, complete the necessary forms and finalise the authorisation procedure. In the case of Spozhyvchyi Tsentr LLC, this process took around one month.
The functionality may be expanded in the future. In particular, the integration of access to data on the status of military personnel and veterans is being worked on. This is expected to allow for the correct application of benefits and the adjustment of interest rates on loans. The matter is currently being discussed with the involvement of the Verkhovna Rada and the Ministry of Digital Transformation.
According to Oleksandr Kholod, over time, the use of ‘Dii’ services could become standard practice for financial companies – just as BankID is used today. In his view, access to state registers will help improve the quality and security of financial services.
It should be noted that, despite the existence of preferential schemes, mortgages in Ukraine remain out of reach for the majority. Danylo Getmantsev, Chair of the Verkhovna Rada’s Finance Committee, spoke about a new large-scale government initiative
