Compliance Issues Plague Fintech Sector in Poland

The fintech industry in Poland has been facing compliance issues, according to a recent report by FinTech Poland, a leading think tank on financial innovation. The organization has identified several barriers to development and emphasized the need for open dialogue between regulatory authorities and market participants.

Regulatory Sandboxes: A Key Driver of Innovation

FinTech Poland’s research has shown that regulatory sandboxes are crucial in accelerating fintech innovation. The organization has designed and implemented several successful initiatives in this area, including the BIK HUB program. This technology sandbox for entrepreneurs from various sectors has been particularly effective in promoting innovation testing.

Fostering Dialogue and Promoting Innovation

In addition to its research and analytical activities, FinTech Poland organizes events aimed at fostering dialogue between regulatory authorities and market participants. Its SuperVision FinTech Talks series of webinars brings together experts from the Polish Financial Supervision Authority with fintech companies to discuss regulatory, technological, and business topics related to financial innovation.

Building an International Financial Center

FinTech Poland is committed to promoting the idea of building an international financial center in Poland. The organization believes that this will drive the dynamic development of the financial sector. To achieve this goal, FinTech Poland has developed a strategy for the sector’s growth and launched initiatives aimed at fostering innovation and entrepreneurship.

Partnerships and Collaborations

FinTech Poland has also partnered with other organizations to promote fintech innovation, including BIK HUB and Sandbox Blockchain. The latter is Poland’s first business and technology platform designed to accelerate the development of innovative blockchain solutions.

Challenges Ahead: Compliance Issues Remain a Concern

Despite the progress made in promoting fintech innovation, compliance issues remain a major challenge for the sector in Poland. FinTech Poland has called on regulatory authorities to work more closely with market participants to address these issues and create a more favorable environment for fintech growth.

Education and Training: Preparing the Next Generation

In related news, FinTech Poland has assumed patronage over the postgraduate studies program “FinTech - new phenomena and technologies on the financial markets”. This program aims to provide students with unique knowledge of the economic, legal, and technological aspects of launching innovative solutions in the financial industry.

By addressing compliance issues and promoting innovation, FinTech Poland is working towards creating a more favorable environment for fintech growth in Poland.