Page 79 - UKRRptApr24

9.1.7 TMT sector news
This year, the National Bank of Ukraine plans to conduct open testing of the state digital currency, e-hryvnia, in which everyone can participate. The first testing was in 2018 and was conducted in a closed environment. The second stage will be open to banks, non-bank financial institutions, and their clients who wish to test the functionality of the e-hryvnia.
Almost half of Ukrainian e-commerce representatives observed an increase in the average purchase amount last year. According to a study of nearly 300 online retailers, 22% of respondents said their store’s sales increased by more than 30% in 2023, while the average check increased for 44.4% of online retailers.
Despite the decrease in the number of taxpayers in IT, the industry's income increased by 11%. Although the number of taxpayers in the IT sector decreased by 3.1% last year, the taxes paid by the IT industry increased by 11.5%. The amount of taxes paid in 2023 amounted to ₴35.9B, while in 2022, the IT industry paid ₴32.2B in taxes.
An American-founded investment fund plans to invest in eight Ukrainian startups this year. Investment fund Green Flag Ventures will invest in several Ukrainian startups, with financial commitments ranging from $100,000 to about $1.2M, said the co-founder of the fund, Deborah Fairlamb. By the end of the year, the fund plans to make five to eight investments. To date, the fund has invested in one company, Astra Nav, which develops a special M-GPS technology that provides navigation in any conditions (indoors, outdoors, on land, at sea, in the air). M-GPS works as an autonomous localization system and does not require a connection to any network, which allows users to save battery power and ensures high device security. The fund is interested in something other than investing in SaaS solutions. First, the Green Flag
79 UKRAINE Country Report April 2024 www.intellinews.com