Ukraine: Businesses Resilient, Open for International Clients, According to Payoneer

This past July, payments Fintech Payoneer (NASDAQ: PAYO) reports that it surveyed 4,200 Ukrainian SMEs who are clients of the company that also work with customers outside of Ukraine. According to Payoneer, businesses in Ukraine remain resilient, persevering even as the unprovoked war with Russia continues. Payoneer has an office in Kyiv since 2010.

Payoneer sought to uncover how their customers have been impacted by the war and how their staff has reacted to the Russian aggression. The company states that its data indicates that Ukrainian tech firms have been able to recover quickly – at least partially – following the invasion.

According to the survey:

  •  70% of Ukrainian SMEs are continuing to operate during the war with
  • 63% of businesses have been able to retain most, if not all, of their staff
  • 38% of Ukrainian SMEs intend to hire more staff this year despite the war
  • The war has understandably created financial pressure (36%) and high stress among employees (27%)
  • 58% said that the experience of going through the pandemic has allowed them to quickly adapt to new realities
  • 84% also believe that joint volunteering and helping the army has increased the team spirit of their companies

James Allum, SVP of Europe at Payoneer commented on the “remarkable resilience” of Ukrainian firms:

“It is amazing to see how SMBs have continued to operate under these terrifying conditions, and my message to the global business community would be to continue to engage with businesses and freelancers in Ukraine. This is how we can show our support through the hardest of times. We’re extremely proud of the work being done by our team in Ukraine to support SMBs and innovators, and we will continue to work with our partners in the country to drive their growth efforts through this challenging environment.”

Liubov Danylina, Director and Acting Country Manager of Payoneer in Ukraine, added:

“As a Ukrainian, I am extremely proud of the resilience of our people. Even in the darkest times, Ukrainians find the strength to do business, support the economy and the army, and actively volunteer.  We are all working through thick and thin, bravely, and most importantly — together to achieve our goals and allow our businesses to prosper.”

Payoneer states that it recently expanded its partnership with Ukraine’s largest bank, PrivatBank. The expansion is said to helps its customers in Ukraine move funds more easily across borders and directly into customers’ accounts.

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