FINTECH INDUSTRY IN BULGARIA: ADAPTATION AND DEVELOPMENT

FINTECH INDUSTRY IN BULGARIA: ADAPTATION AND DEVELOPMENT

Thu, 04/30/2020 - 08:23

The field benefits from the current dynamic environment

Nowadays all of us wonder what will be the new normal after humanity eventually overcomes the Covid-19 pandemic. The answers are many and diverse, but one of the surest things is that fintech industry will become an even more important part of the planet's life and economy.

Fintech industry has longer history, but it became a true disruptor that changed the way we use money and financial instruments after the global financial crisis of 2008-2009. Put in motion by financial specialists from the collapsed bank sector, using the power of modern technologies and targeting an increasingly mobile, active and best-deal oriented clients, fintech industry transformed the world. It offered to companies and individual clients optimised, quick and cheap financial services without the mediation of the clumsy established players, banks and insurance companies. In a matter of years cashless payments, online platforms for crowdfunding, money transfer between countries and currencies without heavy fees, cryptocurrencies, access to Р2Р credits and investments became a part of everyday life for billions of people around the world.

Fintech industry changed our life, and we hardly even noticed. Today, during the Covid-19 pandemic, we realised that the field has an immense potential to make our life not only easier, but also safer. Adaptive and innovative, the sector fares excellently in an environment that shook big players on the market, from governments to airlines to oil producers.

Bulgaria started to develop its own fintech industry before 2008, and in the past decade it became one of its centres in Eastern and Central Europe. The country quickly turned into a magnet for international investors attracted by the excellent conditions for development and business.

"Bulgaria is an excellent location for us, our Bulgarian team is a crucial part of our recent success and future growth potential," says Yuval Ziv, Chief Operating Officer at SafeCharge (www.safecharge.com), a Nuvei company for development of smart payment processing which opened an R&D office in Bulgaria in 2007. "For a start, in Bulgaria there is an extensive talent pool oriented to both technology and finance, which makes it much easier to grow the business. Secondly, we take a family approach to our company culture, which dovetails nicely with Bulgarian values and helps to implement the company vision here at our Bulgarian headquarters. Finally, Bulgaria is perfectly positioned within the EU to facilitate smooth in/out market access while providing plenty of scope to target global markets."

The market of Bulgarian fintech industry also includes established local companies who offer innovative services of world-level quality and work with both local and international partners and clients.

"The business of shared finance platforms in the USA and Europe has tripled in the past 10 years, so it was impossible for Bulgaria to stay isolated from this trend," says Yordan Hristev, Business Development manager of Help2Play (phone: +359 882 450 662, info@help2play.net, www.help2play.net), a Bulgarian company for loan investment, established in 2017. "However, our focus is not restricted to the Bulgarian market. In 2018 we planned entering the European market and offering a wider variety of loans. In the long run, we want to turn Help2Play into a major investment instrument for all. Currently, Help2Play has attracted over 1,200 users on two continents. The company is a part of the global trend of the sharing economy, linked to the business model of online platforms such as Uber and Airbnb, which connect people owning a certain resource (money, cars, homes, etc) with people who need it. At the moment global finances are in a cycle of overliquidity and zero interests on bank deposits. This stimulates 'money' to search for alternatives forms of investments that provide higher returns."

The trust in fintech industry services among corporate and individual clients was on the rise long before Covid-19 became a household name. During the pandemic, however, an increasing number of clients realised the advantages of contemporary fintech solutions and implemented them in their businesses. That is why even when the social distancing measures are eventually relaxed, the world will hardly return to traditional ways of finance services operation. The comfort and security of modern fintech solutions will become a constant presence in our life because in the darkest of times they proved they can provide trouble-free and smooth work of the economy.

Issue 163

Commenting on www.vagabond.bg

Vagabond Media Ltd requires you to submit a valid email to comment on www.vagabond.bg to secure that you are not a bot or a spammer. Learn more on how the company manages your personal information on our Privacy Policy. By filling the comment form you declare that you will not use www.vagabond.bg for the purpose of violating the laws of the Republic of Bulgaria. When commenting on www.vagabond.bg please observe some simple rules. You must avoid sexually explicit language and racist, vulgar, religiously intolerant or obscene comments aiming to insult Vagabond Media Ltd, other companies, countries, nationalities, confessions or authors of postings and/or other comments. Do not post spam. Write in English. Unsolicited commercial messages, obscene postings and personal attacks will be removed without notice. The comments will be moderated and may take some time to appear on www.vagabond.bg.

0 comments

Add new comment

The content of this field is kept private and will not be shown publicly.

Restricted HTML

  • Allowed HTML tags: <a href hreflang> <em> <strong> <cite> <blockquote cite> <code> <ul type> <ol start type> <li> <dl> <dt> <dd> <h2 id> <h3 id> <h4 id> <h5 id> <h6 id>
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.

Discover More

Acronis.cyber protection cloud
ACRONIS INTRODUCES UNIQUE, TURN-KEY DATA LOSS PREVENTION SOLUTION
Acronis, the global leader in cyber protection, has debuted a new Advanced Data Loss Prevention (DLP) pac

WELCOME TO THE DIGITAL JUNGLE
The increased connectivity of the public and the private sphere, and of people and devices, combined with an economy crisis, the war in Ukraine, the turbulent development of crypto currencies and the continuing trend for working from home as the result of t
ACRONIS SUPPORTS REFUGEES FROM THE WAR IN UKRAINE
Acronis, a global leader in cyber protection, is helping refugees from
THE BULGARIAN VERSION OF THE ACRONIS WEBSITE PROVIDES USEFUL RESOURCES FOR PARTNERS AND USERS
Apart from the fact that information about Acronis technologies and solutions is now available in Bulgarian, the site offers useful resources for consumer organizations, managed service providers and home customers in the country.
dibla_awards_2021
WHO WILL BE THE WINNERS OF DIBLA DESIGN AWARDS 2021?
The moment when we will learn the names of this year's winners and best interior design professionals in the annual Dibla Design Awards 2021 is getting closer by the day.

Effortel_Vagabond_MohamedTaman
MOHAMED TAMAN: ТHE CODE OF LIFE
The IT Industry nowadays is the most fast paced area of the economy, that shows tremendous development in many sectors.

FIRST ANNUAL ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) REPORT BY ACRONIS
Acronis announced the results of its first annual Environmental, Social, and Governance (ESG) Report.
acronis-msp-guide-to-cybersecurity
ACRONIS UNVEILS NEW ENHANCED PARTNER PROGRAM FEATURES
Acronis, a global leader in cyber

acronis-erick-simpson-webinar-cyber-insurance
THE OCEAN RACE TEAMS UP WITH ACRONIS
Acronis, a global leader in cyber protection, with dual headquarters in Schaf

Acronis Michael Callahan.jpg
ACRONIS APPOINTS MICHAEL CALLAHAN AS CHIEF MARKETING OFFICER
Acronis, a global leader in cyber protection, announced today the appointment of Michael Callahan as its new Chief