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Bulgaria’s FinTech Sector Sees Significant Growth and Regulatory Support in 2022

SOFIA, BULGARIA - The Bulgarian Fintech Association (BFA) has reported a successful year for Bulgaria’s fintech industry, with significant growth, new partnerships, and regulatory support.

Key Highlights of the Year

  • The Bulgarian Fintech Association saw a 10% increase in membership in 2022, bringing the total number of organizations represented by BFA to 72.
  • The FinTech, Finance and Digital Innovation Master’s Degree Programme was launched at VUZF University Sofia, providing students with a comprehensive understanding of fintech and its applications.

New Educational Programs

  • The Finance, Investments and FinTech Master’s degree programme was also launched at Sofia University “St. Kliment Ohridski”, a collaboration between BFA and the Faculty of Economics and Business Administration (FEBA).
    • This program provides students with a wide range of knowledge in digital technologies, financial innovation, investment, blockchain, and cryptocurrencies.

Fintech-Related Events

  • The From Zero To FinTech hackathon was organized, attracting over 40 participants. The event provided a platform for individuals to develop new fintech solutions and test their ideas.
    • Participants used “dummy data” via Iris PSD 2 HUB to develop their ideas.

Network Expansion and Regulatory Support

  • BFA continued to attract new members and grow its network of partners, including:
    • Financial Supervision Commission of Bulgaria
    • Ministry of Finance
    • Ministry of Education and Science of the Republic of Bulgaria
    • European Commission
    • OECD
    • European Digital Finance Association
  • The association played an active role in shaping regulatory policy, participating in expert conferences on topics such as:
    • MiCA
    • PSD-2 Review
    • Financial Literacy Strategy for Bulgarians
    • Open Banking

Recognition and Commitment

  • BFA’s efforts were recognized at the European Parliament, where the association participated in a conference on “Open Finance: The Backbone of Digital Economy”.
  • As Bulgaria continues to emerge as a fintech hub in Southeastern Europe, the Bulgarian Fintech Association remains committed to supporting the growth and development of the sector.

Learn More

For more information on the Bulgarian Fintech Association and its activities, please visit their website at www.bulgarianfintech.org.