Fintech companies are increasingly accepted as a more convenient, flexible and inexpensive alternative to commercial banks. From a regulatory point of view, the European PSD 2 Directive creates a more favourable environment for fintech companies and facilitates their expansion on European markets, while significantly increasing confidence in the sector by imposing strict regulatory requirements.
The ecosystem in Bulgaria is evolving thanks to the highly qualified IT talent and the entrepreneurial spirit.
Financial services with great potential to be proliferated by Bulgarian fintech companies include, among many, mobile payments, digital wallets and investment robo-advisers. Technologically, the popularity of Near-Field-Communication (NFC) and contactless mobile payments are growing. In addition, small and medium-sized enterprises (SMEs) are increasingly interested in workflow automation and cloud technologies to facilitate the management of their finances.