FinTech is an industry of companies using new technologies and innovations and applying them on the financial market. These financial companies endeavor to replace or improve the use of financial services by companies.

A business meeting in Sofia discussed the advances by FinTech companies, their new goals and the leading tendencies in the sector.

Ivailo Ivanov, director of iUVO company comments:

“The next few years in this business will be really interesting. We see companies working in investments, in electronic payments, we are now expecting the emergence of electronic insurance companies. All FinTech industry branches that exist in Europe are gradually developing in Bulgaria, and that is a very good thing. We have a considerable IT human resource in the country, we possess the financial knowledge, so there is no reason to lag behind. It is a fact that everything takes place online, there is no branch network, no physical interaction, no papers. That is how we can offer customers a better price.”

But are there customers who have problems using new technologies in the financial sphere?

“Of course there are, but that happens with any new service. We have customers who are finding it difficult as well, as do our colleagues from other companies. We devote a good deal of time to generate content explaining what’s what and how it works. Videos and seminars also provide training. We are always open to any questions. All companies here have the same objective – we want to explain to people what FinTech is, to show them just how helpful this industry can be. It is a natural evolution for the financial services we are now accustomed to.”

Martin Bogdanov, CEO of Paysera, Bulgaria comments:

“Bulgaria must keep up with European and world tendencies. Judging by the companies presented, it can be said that the FinTech industry has been taking big strides in the country. FinTech offers cheaper, faster quality services. That is precisely why it has been gaining ground and is successful.”

Experts in the field agree that the FinTech industry in Bulgaria is developing in leaps and bounds and is not lagging behind European tendencies. It is helping customers use financial services quicker, easier and more effectively.

English version: Milena Daynova