Spain and Ukraine central banks deepen digital and support cooperation
The Bank of Spain and the National Bank of Ukraine have signed an agreement to enhance cooperation in digital transformation, psychological support for war-affected staff, and study visits. Bank of Spain Governor José Luis Escrivá visited Kyiv to formalize the partnership.
AI solutions for data and sanctions
Governors Escrivá and Andriy Pyshnyy agreed to jointly develop advanced Artificial Intelligence (AI) solutions, focusing initially on two key areas.
The first involves using natural language to access and exploit large statistical and supervisory databases.
The second aims to develop AI applications for detecting anomalous payments and sanctions violations within payment systems.
This collaboration will be channeled through the Bank of Spain's DELTA department and will include technical secondments for National Bank of Ukraine (NBU) personnel, who will temporarily relocate to Spain for work stays ranging from 6 to 18 months.
This initiative underscores a commitment to leveraging technology for enhanced central banking operations and financial integrity, particularly in challenging environments.
The joint development aims to build robust systems that can adapt to evolving digital threats and regulatory demands, ensuring both efficiency and compliance.
Support for staff and specialized training
Beyond digital transformation, the Bank of Spain will provide funding for a new NBU psychological support program for its employees.
This program will feature specific modules tailored for individuals with children, focusing on the difficulties of parenting in a war context, for veterans, and for employees with family members in active military service, those who have died in the war, or those in captivity.
Furthermore, the Bank of Spain has offered to expand existing collaboration areas to include one-week study visits to Spain for NBU specialists seeking training in specific aspects, and practical training sessions lasting up to four weeks, also in Spain, to acquire skills through direct collaboration with Bank of Spain employees.
These initiatives aim to bolster the NBU's human capital and provide crucial welfare support to its workforce amidst ongoing conflict.
A gesture of solidarity and long-term vision
This cooperation agreement, while a clear gesture of solidarity, offers a practical framework for long-term institutional strengthening rather than immediate crisis response.
The emphasis on digital transformation and AI positions the NBU for future challenges, but the immediate impact on Ukraine's broader financial stability remains to be seen.
While the psychological support is vital, its scale might be limited against the backdrop of an ongoing conflict, making the long-term study visits a more tangible investment in human capital.