Missed the UNCHAIN CEE Fintech Tour – Poland event? Catch the full recording below.
But first—here are some big ideas you don’t want to miss:
Poland’s Leading Role in the Fintech Ecosystem: Poland is the largest financial market in Central Eastern Europe, with a growing fintech landscape, including over 400 fintechs. The country also boasts the highest financial inclusion rates in the region, with 95% of the population using banking services.
Importance of BLIK for E-commerce: BLIK is a major player in the Polish payment ecosystem, covering 65% of e-commerce transactions in Poland. With 18 million users, it is positioned to become a significant European payment option, expanding into other markets.
Digital Transformation in Poland’s Banking Sector: The Polish banking sector has undergone rapid digitalization, with institutions like PKO Bank Polski leading the way. Mobile applications, digital identities, and digital services are all integral parts of Poland’s digital banking infrastructure.
Challenges and Opportunities in Open Banking: Poland is advancing in open banking, but there are still challenges related to regulatory compliance. The implementation of PSD2 was a significant step, but adoption has been slower compared to the UK. There’s optimism for future improvements with upcoming regulations like PSD3 and FIDA.
Scaling Fintechs Beyond Poland: Companies like AutoPay are looking to expand internationally due to the relatively slow growth of the Polish market. The main hurdles for expansion include compliance and governance challenges within the payments ecosystem.
Tokenization and Embedded Finance: Both Verestro and other fintechs like BNP Paribas are focusing on tokenization, which has already been widely adopted by European banks, yet still presents opportunities in regions like Switzerland and the Balkans. Embedded finance, where financial products are integrated into non-financial services, is also highlighted as a major trend. This allows banks to offer financial services without directly branding themselves, as seen with collaborations between banks and telecommunications companies.
Cooperation Between Banks and Fintechs: Banks are eager to work with fintechs to innovate and improve their services. This cooperation often starts with a Proof of Concept (POC), which is tested on a smaller scale before full commercialization. For example, BNP Paribas uses a program called Let’s Fintech to cooperate with startups at various stages. Their goal is to identify new fintech products that can help improve their digital services, and they also focus on “beyond banking” solutions that provide value to clients without being strictly financial.
Regulatory Challenges and Opportunities for Innovation: For larger banks, regulatory issues and security are the primary challenges when implementing new technologies like AI and blockchain. However, these technologies are also seen as essential for future innovation. AI, in particular, is being integrated into customer service solutions like chatbots, and blockchain is being used for document management.
Future Trends: Digital lending and stablecoins are expected to be key areas for fintechs. The need for simplified lending processes is also growing, especially for offline transactions, as the Polish population continues to utilize credit products. The challenge is not the technology itself but rather the complexity of implementing it into existing systems.
ESG and Green Transformation: Banks are becoming more involved in sustainability initiatives, helping clients transition to greener practices. This is part of a broader effort to meet regulatory requirements and support green transformations in various sectors.
Make sure you don’t miss the session for more insights!
