This week in FinTech Ukraine: the app offers funds
This week in FinTech Ukraine, Dutch entrepreneurs are creating the People for People Foundation, which provides Ukrainian refugees with shelter and free digital bank accounts. Also, the Ukrainian government has introduced a cryptocurrency donation website.
People for People Foundation
A trio of Dutch tech entrepreneurs have joined the humanitarian effort in Ukraine. Ali Niknam from bunq, Joris Beckers from Picnic and Robert Vis from MessageBird have created a foundation to shelter refugees fleeing the war in Ukraine. The People for People Foundation was founded last month after Niknam said he received many responses to his LinkedIn post he posted in February.
The charity is committed to helping refugees from Ukraine and Russia. The foundation said it is equipped to temporarily house refugees in hotels and apartments in Bulgaria and Georgia. In addition, People for People endeavors to bring them into the Netherlands on a work visa.
The People for People Foundation also announced that it would give Ukrainian refugees access to bank accounts at no cost, the group said. More than 800,000 civilians have fled Ukraine to seek safety from war. The foundation discovered that these refugees needed a way to make secure payments outside of Ukraine.
To enable them to continue to have access to their money and to be able to spend it safely, the foundation will provide Ukrainian passport holders with a free temporary bank account. Data subjects will get a European bank account number and will be able to make payments using a virtual card.
To help Ukraine fight Russian aggression, a Latvian business group has formed Entrepreneurs for Peace, according to Eng.Lsm.Iv., a Latvian news source.
The large-scale fundraising effort has pledged to raise 5 million euros ($5.5 million). The private sector can join forces to support the values Latvia holds dear, according to the report, which include freedom, democracy and the ability to plan for a secure future.
Mobile fund distribution
Paynetics and Phyre have stepped up to offer charities a free mobile payment app to provide funds to Ukrainian refugees, FFNews.com reported. The solution to support Ukrainian refugees is available on the MyPaynetics app.
As nonprofits and governments raise funds to support those affected in Ukraine, they have struggled to channel funds to those displaced by the war. While many Ukrainian refugees do not have access to their bank accounts, both companies offer a mobile app for fast delivery and use of funds via ApplePay and GooglePay.
The Ukrainian government has introduced a cryptocurrency donation website, CoinDesk.com reported. Aid to Ukraine, backed by FTX, the cryptocurrency exchange, Everstake, the staking platform and the Ukrainian exchange Kuna, has committed to funneling the donated cryptocurrency to the National Bank from Ukraine.
So far, the country has raised $48 million in bitcoin, ether, tether and other cryptocurrencies, according to the website. Other estimates put the amount at $100 million, as totals vary depending on market fluctuations and the websites included.
FinTech charity Pennies has shifted its fundraising focus to the Ukraine crisis. The UK-based company said it was working with a dozen retailers and hospitality businesses to enable consumer micro-donations in support of humanitarian charity appeals.
This has the potential to quickly raise hundreds of thousands of dollars for charities supporting the escalating and biggest refugee crisis since World War II.