Kyiv, Ukraine, 7 June 2021 — Baker McKenzie's Kyiv office has advised Raiffeisen Bank Aval, a leading Ukrainian commercial bank, on the launch of the banking services offered through Fairo, an all-in-one mobile app for freelancers and entrepreneurs.

Fairo is an innovative service powered by Raiffeisen Bank International, the majority owner of Raiffeisen Bank Aval. Launched first in the Ukrainian market, the online platform is expected to be a groundbreaking service in Central and Eastern Europe.

Baker McKenzie's project team was led by Managing Partner Serhiy Chorny and Senior Associate Maksym Hlotov, with significant input from Counsel Oleksiy Stolyarenko. The team advised Raiffeisen Bank Aval on corporate and regulatory matters pertaining to the launch of the project as well as on structuring, drafting and negotiating the project agreements.

Serhiy Chorny commented on this project: "We were delighted to assist Raiffeisen Bank Aval with this innovative project, which forms part of the bank's impressive digitalization strategy."

Gennadiy Shemshuchenko, Director of the legal department, compliance and information security of Raiffeisen Bank Aval, noted: "We appreciate highly professional assistance rendered by Baker McKenzie team in implementation of this innovative service that covered variety of complicated legal topics including Corporate Governance, Data Protection, IP rights, Taxation."