Fuel cards have evolved into essential credit instruments, providing SMEs with working capital, VAT recovery, and toll management. By integrating financing into daily workflows, transport operators can bypass traditional bank loans to manage leased assets and cash flow gaps.

Telematics and real-time data are now central to fleet strategy. Providers use vehicle patterns to predict credit risks and insolvency before they happen. These insights also fuel dashboards that help drivers optimize routes and manage costs per kilometer through predictive planning.

The industry faces a regulatory and green transition mismatch. Current ID laws struggle with vehicle-based users, while the shift to EVs creates tension between seamless charging and in-store retail sales. The future points toward virtual, interoperable systems that replace physical cards entirely.

This is what the latest UNCHAIN White Paper – “Fintech in Fleet & Fuel – Between Regulation, Data and Daily Operations” explores. Based on insights from the Fleet & Fuel roundtable at the 4th UNCHAIN Fintech Festival powered by VISA, it gives a front-row view of how financial institutions are adapting to change.

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Unlock the full perspective after download—dive deeper into detailed analyses, actionable insights, and the strategies driving how the Central and Eastern Europe’s fintech in fleet & fuel is evolving in real time.

Retailers are evolving into fintech ecosystems, embedding payments, credit, and digital wallets directly into the shopping journey to boost retention. This blur between commerce and finance prioritizes long-term customer value over one-off sales.

Traditional points and cashback are giving way to gamification and “invisible” rewards. Modern shoppers, especially younger cohorts, value seamless digital experiences and emotional engagement over simple transactional incentives.

Despite moving toward a “two-tap” checkout, retailers must navigate regulatory hurdles, like mandatory physical receipts, that disrupt digital flows. Ultimately, the industry is prioritizing frictionless speed to meet modern consumer demands despite these legacy barriers.

This is what the latest UNCHAIN White Paper – “Beyond Transactions – Rethinking Loyalty, Credit, and Embedded Finance in Retail” explores. Based on insights from the Retail roundtable at the 4th UNCHAIN Fintech Festival powered by VISA, it gives a front-row view of how financial institutions are adapting to change.

ACCESS THE FULL WHITE PAPER NOW

Unlock the full perspective after download—dive deeper into detailed analyses, actionable insights, and the strategies driving how the Central and Eastern Europe’s retail banking is evolving in real time.

Banks are changing, but not all at the same pace — and not always in the same direction. Some are rebuilding core systems from scratch, while others are layering new tools onto decades-old infrastructure. Meanwhile, fintechs are no longer just challengers: they’re partners, competitors, and sometimes even acquisition targets.

At the heart of it all is the customer. People expect speed, transparency, and flexibility — whether it comes from a bank, a fintech, or a collaboration between the two. Delivering that experience, however, often means navigating messy trade-offs behind the scenes.

This is what the latest UNCHAIN White Paper – “Between Legacy and Leap: Rethinking Infrastructure, AI, and Partnerships in Banking & Payments” explores. Based on insights from the Banking & Payments roundtable at the 4th UNCHAIN Fintech Festival powered by Payten, it gives a front-row view of how financial institutions are adapting to change.

‘Merchants want to integrate as many payment methods in their acceptance system so it’s a seamless experience for the customer and then they want everything to be error-free, stable and these are the three things we most often hear. They are changing a little bit their perception, their attitude, we can say that there is a small disruption and this is coming from the desire to challenge the existing status quo, merchants are looking more in how they can improve their system, how they can make sure that they have the latest innovations on board, how they can outcompete their direct competitors. So, all in all, I think innovation will drive adoption but as long as it comes with direct benefits for the merchants.’

Ciprian Pîrv
Country Managing Director 
Payten

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Unlock the full perspective after download—dive deeper into detailed analyses, actionable insights, and the strategies driving how the Central and Eastern Europe’s banking and payments landscape is evolving in real time.

The company is not a generic e-signature tool. As a Qualified Trust Service Provider under eIDAS, Evrotrust delivers remote identity verification (KYC/KYB), qualified electronic signatures (QES), electronic timestamps and electronic delivery services. It is an EU-notified eID scheme, audited and supervised at European level, and listed on the EU Trusted Lists with the highest assurance for qualified electronic signing in regulated and cross-border workflows. Today, the company supports over 2 million users from 61 nationalities and more than 200 enterprises, including 15 of Europe’s leading banking institutions.

“Trust is the new user interface. Evrotrust gives Romanian organizations a single, compliant platform to verify and sign digitally, while reducing fraud and unlocking cross-border growth.”, said Konstantin Bezuhanov, CEO at Evrotrust.

EU industry estimates point to e-signature spending growth from €2.33B in 2025 to €23.05B by 2032. Digital identity verification is also expected to expand at a robust, double-digit pace over the same period. In Romania, digital rails are already mainstream, 662,713 electronic ID cards were issued as of Oct 2, 2025, and ADR’s Government Private Cloud is budgeting RON 867.5M to migrate over 30 systems online. Meanwhile, the EU Digital Identity Wallets move from policy to implementation, making public-sector acceptance mandatory by the end of 2026, a clear runway for remote onboarding and QES at national scale.

“The new investment enables Evrotrust to scale EU-grade digital identity in Romania faster – localizing audited, cross-border trust services for banks, businesses, and the public sector. With a free mobile app and an EU-recognized qualified certificate at no cost, we make trusted digital transactions simple and accessible. Financial institutions benefit immediately from identity reuse across services, delivering faster onboarding and a smoother user experience. Proven in Bulgaria with fully online passport issuance, our secure and compliant approach now comes to Romania to put digital trust in everyone’s hands and accelerate national digitalization.” shared Valentina Dragomir, Country Manager for Romania at Evrotrust.

For Romanian businesses, Evrotrust’s expansion means faster, fully compliant onboarding and signing flows that cut abandonment and cost while meeting KYC, AML and eIDAS 2.0 obligations. Banks, insurers, fintechs, e-commerce, telecoms and utilities can consolidate identity verification, qualified e-signatures, timestamps and electronic delivery into a single, audit-ready platform with Romanian language support, EU data-residency options and sector-specific controls. Citizens benefit from simpler remote access to financial services and public administration, with cross-border recognition and stronger protection against fraud.

About Evrotrust

Evrotrust is a leading identity verification and qualified trust service provider with a mission to help businesses and governments digitally transform their processes and build sustainable digital channels. The Evrotrust platform is an end-to-end solution for remote electronic identification and digital signing with qualified signatures that enables users to register and authenticate for services using only their smartphone. www.evrotrust.com

About 3TS Capital Partners

3TS Capital Partners is a leading European growth capital investor supporting technology and innovation-driven companies. 3TS partners with exceptional teams to build category leaders across Europe, providing capital, expertise and access to an extensive network. www.3tscapital.com

At UNCHAIN, the fortress is just the setting. The real story is the people. In this edition of Finance Legends, two sides of the same transaction meet.

Ciprian Pîrv, Country Managing Director at Payten Romania, has spent years on the infrastructure side of payments, making sure the systems that move money work seamlessly. 

Dorin Branza Danciu, Team Lead for POS Systems at Auchan Romania, lives on the other side of the counter, where technology meets real customers, queues, and expectations.

Together, they map the frontier between fintech and retail, between what’s possible and what’s practical. Their perspectives are different, but the challenges and roadmap are the same. Ultimately, both aim to make every checkout invisible, every payment instant, and every failure virtually impossible.

When it comes to payments, retailers are juggling speed, volume, and reliability all at once. What does that pressure look like from your side?

Dorin Branza Danciu → Auchan Romania
For large retailers managing high-volume checkout systems, everything starts with keeping the flow uninterrupted. Orchestration must prioritise a fast and frictionless checkout process: minimising transaction and wait times, ensuring reliability, and adapting to the growing diversity of payment methods. Mobile wallets, contactless cards, and wearable devices all need to work seamlessly.

This doesn’t stop at technology. It’s also about throughput. Investing in efficient POS hardware and well-trained staff keeps lines moving and satisfaction high. The goal is always the same: a quick, reliable, secure payment that customers barely notice.

Ciprian Pîrv → Payten Romania
From our side, two things keep retailers up at night: lost revenue and operational drag. Fragmented in-store setups (multiple terminals, uneven acceptance) create friction and unnecessary cost. That’s why we built POS Sharing, a single-terminal model that consolidates checkout operations across the network.

In Romania, that means one device covering covering close to 90 percent of locally issued cards, integrated with RoPay instant payments, and leaning on hardware maintenance. The result is fewer points of failure, faster queues, and predictable costs. When the checkout works as it should, everything else follows.

How has the consumer demand for digital and contactless payments changed your approach to POS orchestration?

Dorin Branza Danciu → Auchan Romania
Modern payments are continuously evolving, and for this reason, we have to consider several points of view.

The rise in consumer demand for digital and contactless payments has compelled large retailers to redesign their Point of Sale (POS) orchestration to prioritise speed, convenience, and security. Contactless payments allow transactions to be completed within seconds without physical contact, eliminating the need for cash or manual PIN entry. This results in faster checkouts and reduced in-store queues, thus enhancing customer satisfaction and throughput.

At the same time, large retailers now implement POS systems capable of handling a broad range of digital payment options, including mobile wallets (Apple Pay, Google Pay, Samsung Pay), RoPay, contactless cards, and wearable devices. POS orchestration embraces near-field communication (NFC), QR codes, and tokenisation technologies to ensure compatibility and security across platforms. This multi-modal support accommodates diverse consumer preferences and future-proofs payment infrastructure.

Another key point is security and compliance. Heightened consumer and regulatory focus on data protection has shifted POS orchestration toward end-to-end encryption, tokenisation, and real-time fraud detection. Retailers invest in robust cybersecurity frameworks within their POS ecosystems to maintain trust, comply with PCI DSS standards, and mitigate fraud risks inherent in digital payments.

Beyond these technical and operational layers, Auchan’s approach to payments is also about scale and coordination. The digital shift is forcing retailers to think omni-channel by design: connecting in-store and online payments so that customers get a consistent experience across every touchpoint. 

It also drives efficiency on the back end. Automation reduces cash-handling costs, eliminates manual errors, and accelerates reconciliation, giving large retailers clearer visibility over daily operations and cash flow.

Orchestration promises flexibility across channels. What benefit matters most: reliability, cost, data, or something else?

Ciprian Pîrv → Payten Romania
Reliability first, then acceptance uplift. If the terminal is down or the flow is slow, nothing else matters. POS Sharing is built on Payten’s rails that handle 2 billion-plus EFT transactions per year across around 1.7 million terminals in 14 countries, with 24/7 monitoring and real-time dashboards, so uptime and speed are bank-grade. Once reliability is assured, retailers see higher approvals (broad card coverage, installments), cost discipline (one device, shared infrastructure), and better data (standardised reconciliation from a single source).

After reliability comes scale, and with scale comes complexity. If the checkout works flawlessly in one store, the next challenge is making it work the same way across hundreds of locations, apps, and online touchpoints. That’s where orchestration stops being about hardware and starts being about data.

Integration across e-commerce, app, in-store, and loyalty systems is complex. What’s been the biggest orchestration challenge for you recently?

The primary and biggest challenge is ensuring real-time, seamless, and scalable data synchronisation across highly disparate systems while maintaining system compatibility and security.

The integration often involves legacy POS systems, modern e-commerce platforms, mobile apps, and loyalty programs, each with different data formats, APIs, and architectures. This heterogeneity creates barriers in communication and data exchange, making seamless orchestration very complex. Legacy systems with outdated tech or customisations resist easy integration and slow down real-time synchronisation efforts.

Unified commerce also demands real-time updates of inventory, orders, customer profiles, and loyalty points across all channels (online, app, and physical stores) to avoid issues like overselling, inconsistent pricing, or delayed rewards. Failure to synchronise accurately leads to poor customer experience and operational inefficiencies.

Beyond these core technical challenges, the hardest work often happens behind the scenes. As volumes grow, integration must scale without performance bottlenecks while keeping data secure under strict GDPR and PCI-DSS requirements. 

The human side adds another layer. Teams need shared ownership, integration know-how, and constant coordination to keep systems aligned. Middleware plays a crucial role here too: diverse APIs, rate limits, and platform updates demand automation, error handling, and continuous monitoring to keep everything stable.

On Payten’s side, the same complexity looks different. Where retailers fight to keep systems aligned, providers must build infrastructure sturdy enough to absorb change, constantly adding new features without breaking what already works.

Payten supports online, in-store, ATM, tokenisation, and mobile. How do you balance innovation with stability?

Ciprian Pîrv → Payten Romania
We ship features on top of a proven, certified acquiring stack. For POS Sharing, that means: versioned software updates, remote device management, PCI-compliant kernels, canary releases/instant rollback, and SLOs on latency and success rates. Innovation (like RoPay instant at the POS, installments, and tokenisation for repeat customers) is introduced without disrupting live operations.

Innovation at the infrastructure level only matters if customers can feel it. Once the system is stable, the next frontier is experience, and that’s making payments not just reliable, but personal.

What’s one customer-centric capability few merchants offer, but should?

Ciprian Pîrv → Payten Romania
Portable shopper identity across channels—linking a network/tokenized profile so a customer recognized online gets the same one-tap experience in store (saved payment credentials, account-to-account via RoPay, easy exchanges/returns). POS Sharing makes this practical: one device, one flow, consistent consent and receipts—so loyalty isn’t trapped in a single channel.

If Payten’s view highlights the invisible layer connecting a shopper’s identity across every touchpoint, Auchan’s perspective looks toward the ways identity itself may soon evolve.

As coordination across systems tightens, what emerging trend in in-store payments are you keeping a close eye on?

Dorin Branza Danciu → Auchan Romania
The emerging trend in in-store payments to watch as coordination across systems tightens is the rapid expansion of biometric payments. This includes technologies such as palm scanning and facial recognition, moving beyond the familiar phone tap methods at checkout. 

Major companies like JPMorgan Chase and Amazon are already conducting tests indicating a swift adoption curve for these biometric payment methods in retail environments. This trend reflects a push towards more seamless, secure, and convenient payment experiences that integrate tightly with evolving payment infrastructures and customer verification systems.

After exploring the layers of technology and customer experience, the conversation naturally circles back to perspective: what each side of the ecosystem takes away from moments of exchange. 

What did you take with you from UNCHAIN 2025?

Dorin Branza Danciu → Auchan Romania
My experience at Unchain 2025 enriched my understanding of the fintech landscape’s dynamic growth, strengthened valuable industry connections, and equipped me to bring back practical innovation strategies.

For Payten, the same event was less about discovery and more about validation. The conversations confirmed that retailers are asking the same questions they’ve been building toward: resilience, simplicity, and usable data.

Ciprian Pîrv → Payten Romania
Merchants want resilient checkouts, lower total cost, and usable data, and they’re open to mixing card and instant rails to get there. POS Sharing aligns directly: it reduces hardware/OPEX, adds instant payments alongside cards, and normalises data for faster reconciliation. In short, fewer moving parts at the till, more approvals, and clearer insight into what actually converts.

What connects Payten and Auchan is a shared obsession with what happens in the split second between intent and transaction. One builds the rails that make payments work everywhere, while the other turns them into moments that customers barely notice.

Both see the same future coming: payments that are faster, more intelligent, and increasingly invisible. Whether it’s through shared terminals, instant payments, or biometric recognition, the goal remains the same.

In that sense, fintechs and retailers are no longer on opposite sides of the counter. They’re part of the same ecosystem, moving toward a version of commerce where experience and infrastructure finally run at the same speed.

At UNCHAIN, the fortress is just the setting. The real story is the people. Finance Legends brings forward the voices shaping finance. The ones building, adapting, and rethinking the systems that keep money moving. This time, we sat down with Raul Alexandru Risnita from Banca Transilvania to talk about the efforts of bringing digital banking closer to Romanian businesses.

Raul has spent much of his career at the intersection of business and technology. As Director Companies Digitalization Department at Banca Transilvania, he works on the products and processes that keep businesses connected to the bank’s services, from everyday transactions to full digital ecosystems. His approach is pragmatic rather than theoretical, built on understanding how technology can solve real operational challenges for companies that are still learning what “digital” means in practice.

Corporate digitalization has become a strategic priority for many banks. In your view, which area of the digitalization process makes the biggest difference for corporate clients?

Digitalization has become a mainstream priority in most domains and has become more interconnected between segments than ever. For full digital experiences or automation, some domains become dependent on others. Corporate customers focus mostly on creating efficiency in internal processes and automating redundant employee work, very similar to what we, as a large bank, are trying to do.

And from the bank’s side, what does that mean in practice?

We need to be able to offer them transactional frameworks, accessibility, and connectivity to their transactions, accounts, and banking activity. Extending this to customizing statements, recurrent or bulk payments, auto-reconciliation, and adapting to their more personalized needs, like direct integrations with ERP systems, payroll systems, and so on. In other words, we need to facilitate accessibility in whatever touchpoint a customer needs.

Looking at it, we get the sense that the story of corporate digitalization isn’t really about the technology itself. It mostly centers around habits. About how companies, often run by people who built them long before “digital” became a department, start rethinking the way they work. 

That same idea is what shaped BT Go, the platform that slowly grew from a practical tool into something closer to a companion for entrepreneurs who just want banking to get out of the way.

BT Go is well-regarded among SMEs. What do you think has been the key to building an app that business users choose to adopt?

I think we have built BT Go with the thought of it becoming more than a banking application. We mainly focused along the way on understanding how we can solve the day-to-day problems and struggles that entrepreneurs face. Most of the time, it has been a close collaboration between real customers and product owners, trying to discover together what the best experience would look like and how we can adapt and offer more seamless services. 

There is still a long way ahead for BT Go and its plans, but I am most confident about its success because we totally changed the product development mindset and perspective on how it needs to be developed, starting from real needs being solved with the latest technology.

With BT Go, the front door felt settled. The next question sat behind it: how do you handle the knocks that come at all hours? Where do you put help when people don’t want to open another app? That’s where a “little” WhatsApp experiment came in, one that even carried his name.

You’ve launched tools like the “Raul” chatbot on WhatsApp. What role do you believe automation plays in transforming client service at scale?

I think it solves exactly what the question expresses — “scale.” Depending on processes, the only way you can reach high numbers and volumes is by automating whatever can be automated, restructuring unnecessary steps, and creating simple and intuitive workflows.

How far can that automation go before it starts to replace the human element?

We have managed to reach more than 60,000 customers with a chatbot embedded in WhatsApp that has been built around simple automated processes. I believe most companies should focus on using automated or AI capabilities to figure out potential scalability paths that open up through this type of technology. Close and offline customer relationships still remain a very important aspect of the experience, but when it comes to servicing high numbers and volumes of simple requests, we should let technology do its thing.

Automation helped BT serve more people, faster. Inside the bank, that created a different kind of work: aligning teams, untangling approvals, redrawing processes. We asked Raul what has to shift on the inside for the strategy to stick.

Digitalization isn’t just about technology, and it also requires internal transformation. What organizational change do you think is essential for making these strategies work?

A very good question. I think technology is the last thing that comes in the digital transformation process. Basically, it’s the enabler, not the starting point. I think that a combination of a forward-looking mindset together with business knowledge, customer insights, and process design is the most important thing when thinking about transforming businesses and organizations. Once your strategy is clear, your processes are designed based on real needs and customer understanding, tand he technology will come to enable these changes.

And culturally, what needs to change inside the organization for that to work?

I am a great fan of creating a safe environment where people can create, think outside the box, push the boundaries, and just try. No matter if they fail, if the trying never stops, in the end you will find a good solution or develop a good product. So, to conclude, it’s mostly about the right people with the right skill set who can work within a safe and innovative culture. It’s itself a great process of aligning all this together.

After culture comes direction. Once the teams, processes, and guardrails are in a decent place, the open task is simple enough on paper: decide where to put the energy to evolve.

Looking ahead, where should Banca Transilvania focus next when it comes to supporting businesses through digital innovation?

I’m really not a great future predictor and I think the way things are looking nobody can truly say what will happen in the next couple of years. Nevertheless I think that there are some areas where we should be more present or focus more, like embedded finance for example. People and businesses are more and more on the go. We are seeing more and more superapps being developed which leads to the fact that we need rapid access to multiple services in the same place, quickly and with lower effort.

This creates a future based on API capabilities and services, not a fight for the most beautiful interface. The touchpoint will be wherever the customer feels most comfortable and attracted to enter. Who knows, maybe we will no longer have any applications in 10 years from now but just one… a super AI search engine and assistant that provides personalized content without us even making a slight effort.

All of this lands only when people keep comparing notes in real life. Direction is set inside the bank. Calibration often happens out in the open: on stages, in hallways, around a table after a panel. From there, the role of industry meetups becomes hard to ignore.

UNCHAIN has become a key meeting point for fintech and banking professionals across the region. From your perspective, what role do events like this (and particularly UNCHAIN) play in shaping collaboration and innovation in the industry?

Unchain Festival is a venue for innovation that has managed to improve year after year. Something rare in the Romanian landscape of fintech and technology events, and it’s something that needs to be sustained continuously. We need to focus more on bringing great people and minds together, facilitating and investing in their ideas and discussions so the entire ecosystem benefits from it. 

It’s exactly what these kinds of events bring together: great minds and people with no limits in opening a great dialogue for collaboration between them. It’s also a great place for people to be seen, for ideas to rise and, why not, for people to start co-creating together.

Overall, Raul talks about digital change in a way that stays close to the work. Start with real problems and map the process. Let the technology come in when there’s something clear to enable. For companies, the value shows up in operations: access, connectivity, integrations, and service that holds up when demand surges.

Looking ahead, his instinct stays modest. Companies should build what helps, meet people where they already are, and don’t make the tool the story. It’s a practical view for a market that moves on habit as much as on hype. If the coming years reward builders who keep usefulness at the centre, Raul’s work is already pointing in that direction.

FINANCE LEGENDS

At UNCHAIN, the fortress is just the setting. The real story is the people. Finance Legends is a series that shines a light on the individuals whose choices and ideas leave a mark on the region’s financial landscape. Each edition looks at a leader whose work is influencing how banks, fintechs, and regulators think about progress and act on it. In this edition, the focus is on Serban Negrescu, the Garanti BBVA executive whose work in digital transformation raises some of the most pressing questions facing banks today.

Serban Negrescu has built his career on the idea that banking should always follow progress. At Garanti BBVA, he leads the push on digital transformation and product development, a role that puts him in the middle of one of the biggest questions in finance today: how do you keep the bank relevant when customers expect everything to happen instantly, on their phones, and without issues? In today’s market that challenge is amplified: customers are quick to embrace digital tools, yet institutions often struggle to keep pace. Serban sits at that fault line, pushing Garanti BBVA to move with the agility of a fintech while carrying the responsibility of a bank.

What does real digital transformation in banking require today, beyond the hype?

Real digital transformation in banking goes far beyond adopting flashy front-end apps or simply digitizing existing processes. It demands a deep, strategic shift across the entire organization, one that rewires both the technology stack and the operating model

At Garanti BBVA Romania, we are replacing our core systems with scalable, cloud-ready platforms that allow for faster integration, real-time data processing, and continuous delivery of new digital services. Old legacy systems are too rigid and slow to support the agility of today’s market demands.

So it starts with technology, but where does the customer come in?

Technology is only the foundation. Real transformation also means redefining how value is delivered to the customer. That starts with putting customer journeys at the center, not just digitizing offline processes but completely rethinking them to be intuitive, accessible, and efficient. In my experience, aligning business, IT, and data teams around this goal is key.a teams are all aligned around the same goal.

And what about culture inside the bank? Many institutions still struggle with risk-aversion.

A successful transformation also requires a culture of agility and experimentation. Traditional banks often struggle with siloed structures and risk-averse mindsets. To drive change, we need empowered, cross-functional teams, rapid feedback loops, and leadership that supports bold decisions. At Garanti BBVA, we’re fostering this by adopting agile methodologies and collaborative governance across departments.

You also mentioned data. How central is it to this transformation?

It’s critical. True digital transformation means becoming a data-driven organization, where insights guide decision-making, personalization, and operational efficiency. This goes beyond dashboards; it’s about embedding intelligence into every customer interaction and internal process.

All of these moving parts (technology, culture, data, and compliance) point to the same conclusion: digital transformation is a complete rethinking of how a bank operates. It takes leadership willing to make structural changes, teams willing to experiment, and above all, a constant focus on the customer. 

How would you describe Romania’s progress in digital banking compared to other countries in Central and Eastern Europe?

It is a solid fact that Romania has made significant strides in digital banking, particularly in the past five to seven years, but its progress is a mixed picture when compared to other countries in Central and Eastern Europe (CEE).

On the positive side, Romania has seen strong innovation in mobile banking and fintech adoption. The local market responded rapidly to global trends like NFC payments, instant onboarding and lending, and mobile wallets. The appetite for digital experiences is there, and Romanian consumers are digitally savvy and willing to adopt new solutions quickly when the value is clear.

What role have banks played in that shift?

Banks (both local and subsidiaries of international groups) have invested heavily in core modernization and digital channels. Initiatives such as replacing legacy infrastructure, launching fully digital lending products, and integrating RPA or AI-based services are no longer exceptions, they are part of the new norm.

Still, progress has been uneven. Serban points out that while there are success stories, the pace and consistency of implementation lag behind markets like Poland or the Czech Republic. Many banks are still early in their digital journeys or working with fragmented strategies, which makes scaling harder.

Another weak spot is public digital infrastructure. In countries such as Estonia (and increasingly in Hungary), tools like digital IDs, electronic signatures, and open data have created the foundation for seamless financial services. In Romania, those pieces exist but remain underdeveloped or underused.

What about inclusion? Has digital closed the gap, or widened it?

That’s still a challenge. Financial inclusion and digital literacy continue to present barriers in rural or underserved communities. There’s a need for broader efforts across the ecosystem (banks, regulators, fintechs, and government) to ensure digital doesn’t widen the accessibility gap

Even so, Serban believes the fundamentals are strong: talent, appetite for innovation, and consumer readiness. What Romania needs now, he argues, is scale, speed, and closer cooperation between public and private players. Only then will the country be able to match (maybe even surpass) its peers in the region.

At Garanti BBVA, you have overseen fully digital onboarding and AI-powered personalization. What were the main lessons from implementing those capabilities?

One of the key lessons we learned is that digital onboarding and AI personalization are not technology projects. They are transformation enablers that require deep alignment across the business, IT, risk, legal, and customer experience functions.

What did you discover when it came to digital onboarding specifically?

The first major lesson was the importance of customer-centric design. It’s not enough to digitize forms or replicate the branch process online. We had to rethink the onboarding journey entirely, simplifying steps, eliminating friction, and ensuring compliance and security without compromising user experience. Getting KYC, digital signature, and identity verification to work seamlessly required intense collaboration between compliance and tech teams, and sometimes even regulatory dialogue.

That collaboration, he adds, was not just a technical exercise but a cultural shift inside the bank. Compliance and technology don’t always sit at the same table, and digital onboarding forced those conversations to happen in real time.

Did everything work smoothly from the start?

We realized the importance of agility and testing in live environments. What worked in pilot did not always scale as expected. We had to continuously monitor drop-off rates, customer feedback, and operational data to iterate quickly and optimize the funnel. Real transformation came from being willing to adapt and improve fast, even after launch.

And when it comes to AI personalization?

Personalization must serve a clear value to the customer, not just push offers. When used right, AI helps us anticipate needs, simplify navigation, and make financial decisions easier. But relevance is key. Irrelevant recommendations erode trust fast, so the AI has to be smart, explainable, and continuously trained.

The broader lesson was about ownership. Digital onboarding and personalization touched nearly every part of the bank. Success depended on breaking silos and aligning everyone around the same goal: creating a simple, intuitive, and meaningful customer experience. These initiatives, he says, are now treated less as standalone projects and more as pillars of a scalable digital bank.

Looking ahead, where do you think banks still fall short when it comes to delivering truly personalized customer experiences?

While many banks have made progress in collecting data and segmenting customers, most still fall short in translating those insights into real-time, context-aware, and emotionally intelligent experiences. Personalization today is often superficial, driven by marketing rules or product triggers, not by a true understanding of customer intent or life context.

What’s the core problem behind that?

One of the key shortcomings is that banks think in products, not in customer needs. Most personalization efforts still focus on pushing offers (a credit card when spending is up, a loan when income drops), but that’s not truly personal. Real personalization starts with anticipating behavior and offering relevant guidance, sometimes even before the customer realizes the need. That requires a shift from transactional thinking to relationship thinking.

Serban points out that this shift requires more than clever targeting. It means building an understanding of customers that cuts across silos, something most banks still struggle with.

Is data integration the missing piece?

Yes. Many banks still operate in silos, with fragmented views of the customer across channels and products. Without a unified customer profile (enriched with behavioral, transactional, and even contextual data), it’s impossible to deliver consistent and meaningful personalization. The data exists, but it’s often underutilized or locked in legacy systems.

Beyond data, what else gets overlooked?

Banks also underestimate the importance of timing and delivery. Personalization is not just what you say, it’s when and how you say it. A push notification during salary week can be relevant; the same message during a financial hardship moment can be tone-deaf. Understanding context and emotional state is critical, and AI can help, but only if designed and trained thoughtfully.

He adds that timing without trust doesn’t get far. Customers today are more aware of how their data is used, and if personalization feels intrusive or manipulative, it can backfire quickly. Transparency, control, and a focus on genuine financial well-being matter just as much as the sophistication of the algorithm.

So what will separate the leaders from the laggards in the years ahead?

I would say agility. By the time a personalized campaign is built, approved, and deployed, the moment of relevance has often passed. Embedding real-time intelligence into customer interactions (from app navigation to contact center conversations) is where the future lies. And that requires not just technology, but a cultural shift toward experimentation and continuous learning.

That shift, he argues, will define tomorrow’s leading banks.

How did you enjoy your time at UNCHAIN this year?

UNCHAIN this year was truly inspiring, both in content and in energy. It brought together exactly the kind of community we need more of in the region: bold thinkers, digital doers, and people genuinely passionate about reshaping financial services. What I appreciated most was the honesty of the conversations. It was less about buzzwords. It had actual substance. Whether it was about embedded finance, open banking, or AI in customer journeys, the discussions reflected a maturity that shows how far the ecosystem has come.

Part of the value was also personal. Stepping outside the day-to-day pressure of execution gave him space to reconnect with peers from fintechs, banks, and regulators across CEE. The mix of perspectives (and even the constructive disagreements) offered both validation for what Garanti BBVA is already doing and sparks for what could be improved.

Another standout for me was the diversity of voices, not just geographically, but also across disciplines. You had product leaders next to founders, data scientists next to policymakers. That kind of mix creates the right tension, and some of the most insightful conversations happened outside the formal panels, over coffee or during side chats.

Too many conferences stay in the clouds; Unchain managed to balance inspiration with practical use cases and lessons learned, including some failures, which are just as important to hear. All in all, it was time very well spent.

That sense of shared purpose also mirrors his own approach at Garanti BBVA. He has never spoken about technology as an end in itself, but as a means to build relevance and trust. Whether it’s digital onboarding, AI-driven personalization, or the broader cultural shifts inside banks, his message is that transformation only matters if it makes people’s lives simpler and more meaningful.

In a region still defining its digital future, transformation is not a showcase of technology but a test of relevance: whether banks can remain trusted, useful, and human while rethinking their foundations. Serban’s work at Garanti BBVA shows that the future of finance in Romania (and in the wider region) will belong to those who can turn ambition into execution without losing sight of the people they serve.

At UNCHAIN, the fortress is just the setting. The real story is the people. Finance Legends is a series that highlights the people shaping finance in Central and Eastern Europe. Each edition focuses on a leader whose work influences how banks, fintechs, and regulators think and act. This time, that spotlight is on Rik Coeckelbergs, a voice that has become familiar across Europe for bringing bankers and innovators together and keeping questions of trust and values at the centre of the conversation.

Rik Coeckelbergs has spent the past decade turning conversations about banking into a career. Known across Europe as a moderator, writer, and community builder, he usually asks the questions that others tend to avoid. With his latest book, A New Ethos in Banking, he’s pushed the debate even further, challenging banks to look beyond quarterly results and reconnect with the values that once defined them. In a time when the industry is still trying to balance digital speed with human trust, Rik has become one of the voices reminding us that finance is, at its core, about people.

You’ve spent years observing and moderating conversations across Europe’s banking scene. What’s the biggest shift you’ve noticed in how banks approach their role in society?

It’s fascinating how banks have approached their role in society, because it often mirrors how society views them. After the global financial crisis and the digital shake-up that followed, banks were on the defensive. They were seen as greedy, slow, and out of touch — bailed out by the public but not giving much back. Whether or not that was fair, it shaped how people looked at them, and banks had to carry that perception.

Between those years of playing defence, there was another challenge. As Rik points out, banks had to accept their position as “semi-public institutions.” That meant more than balancing the books. It meant financing the economy to keep jobs alive, investing in the green transition, and pouring money into digital projects. That had to happen while making sure those who struggled with new technology weren’t left behind.

Do you feel like that perception is finally changing?

What I now observe is that banks are gradually recovering from this negative perception, after twenty years, and are adopting a more proactive societal role. Banks are resisting non-productive regulations, recognising the digital divide, and launching initiatives to keep every consumer engaged.

And what about sustainability? That’s become a defining part of banks’ responsibilities.

We can’t ignore it. Sustainability has evolved alongside geopolitics, with investments in the defence industry serving as a striking example. This used to be a clear “no” for many institutions when defining ESG safe investments; today, the landscape has changed significantly.

After years of moderating conversations, Rik decided to capture some of those ideas in writing. What began as a series of events around “ethos in banking” grew into a book that pushes the debate further, asking banks to reconnect with values that go beyond short-term performance.

Your latest book, A New Ethos in Banking: Embracing Values and Ethics for a Meaningful Transformation, explores values in the financial sector. What inspired you to write it now, and what response has surprised you the most so far?

Back in 2023, we organised three events centred on “Ethos in Banking,” where numerous CEOs and other executives shared their interpretations of ethos and their visions of its significance for the industry. It was fresh and presented banking within a context I had not encountered before. That is why I wanted to continue that dialogue through a series of interviews, which eventually culminated in the book now available worldwide.

From my observations, the banking industry has somewhat lost its original character by merely copying successful strategies from others. The book is not primarily about ethics but about translating a bank’s ethical principles into its daily operations and transformation efforts, whether that involves digital innovation, sustainable practices, or other forms of change.

Beyond the events that inspired it, Rik describes the book as a call to action, a push for banks to bring their identity and values back into the heart of transformation. That message has resonated. Readers have praised the work for putting trust and social contracts at the centre of banking’s future, and for highlighting the intersection of ethics, innovation, and purpose-driven leadership.

When you talk about an ‘ethos’ in banking, what does that mean in practice for a traditional bank trying to modernise?

Embracing an ethos in banking means going beyond digital transformation to embed a deep, values-driven culture across the institution. For a traditional bank, it’s about reconnecting with its foundational purpose: helping customers and communities thrive, not just processing transactions or selling products.

In practice, this starts by articulating a clear long-term mission, one that resonates internally and externally. Ethos demands a shift from quarterly performance to generational relevance, anchored in trust, empathy, and responsibility. 

And what role does technology play in this?

Critically, an ethos-driven transformation humanises technology. Digital banking often failed to connect with customers emotionally. Banks must now infuse empathy into design, ensuring services are inclusive and meaningful, particularly for vulnerable groups.

That requires leadership to set the tone, right?

Leadership plays a crucial role. Ethos isn’t about slogans but about behaviour, especially when no one is watching. As Cor Herkströter put it, “principles that change every year become worthless for employees.” Consistency in values through leadership transitions is essential. 

Ethos also changes how banks think about compliance. It’s not enough to tick boxes. The shift is from doing only what is legally allowed to doing what is right. Rik stresses that “For traditional banks, modernisation with ethos is not optional. It’s how they remain trusted, human, and meaningful in a digital world.”

Through The Banking Scene, you’ve built a strong community around banking innovation. What’s one lesson you’ve learned from curating all those dialogues?

All these people act with the best intentions within their own context. Often, changing a bank is less about the individuals and more about the environment they operate in, whether that is culture, leadership, work methods or the bank’s identity, in short: its ethos.

That also means the same question will spark very different answers, depending on the bank. For Rik, this diversity is what makes real change possible. The Banking Scene is a platform for people to share their stories to help others re-evaluate the status quo.

Have you noticed differences between smaller and larger banks?

Yes. Smaller banks are often modest in taking the stage, although they are often the heroes that successfully drive change with much fewer resources, and remain a relevant competitor for the big players. That is often underestimated in my opinion. They may innovate less, but be much more focused on developing the right services.

Looking ahead, Rik suggests the bigger challenge is not just about the size of institutions, but about their relevance. It’s a theme he’s already planning to put at the centre of The Banking Scene’s 2025 agenda, and it connects to questions of technology, risk, and even sustainability.

What do you see as the next big conversation the industry isn’t having yet, but should be?

Anything from digital transformation to societal and economic relevance in a world that seems to be embracing some aspects of the free banking era again, with the rise of stablecoins. I’m not just talking about payments, but also the impact of stablecoins on banks’ credit policies, etc.

The relevance of banks is also being challenged in fraud prevention. The rise of AI is completely reshaping how fraud is committed and how it should be countered. What should banks do here? The same applies to the responsible use of AI, not only within banks but also in interactions with the outside world. What happens when I start using an AI agent to manage my finances, and what is the role of a bank in that context? 

Sustainability is part of that same conversation. As Rik points out, climate change already leaves a mark on the balance sheets of banks and insurers. The question is how much further the sector should go in keeping responsibility high on the agenda, and in pushing society to act on it.

Against that backdrop of relevance, risk, and responsibility, it’s no surprise that the events Rik values most are the ones that open space for honest dialogue, events like UNCHAIN.

You’ve been to countless fintech events. What stood out to you about UNCHAIN?

What made UNCHAIN different was that it really felt like a festival, not just another conference. Beyond the panels, there were informal moments – pre-drinks, the evening concert, even a city tour — that created space for genuine dialogue. The setting, a fortress in Romania at the crossroads of Eastern Europe, gave it a distinctive energy, and the organisation was seamless. It brought together regulators, banks, and innovators in a way that felt open and collaborative.

That mix of structured debate and informal exchange is exactly what Rik has tried to foster throughout his own work. He never approached banking as just numbers and regulations. Through his activities (from moderating debates to writing about values and ethos), he’s shown that finance is inseparable from the society it serves. The Banking Scene has become his way of keeping that dialogue alive, drawing together voices from across Europe to ask what relevance, trust, and responsibility really mean in 2025.

At a time when the industry is reshaped by AI, sustainability pressures, and shifting geopolitics, Rik’s message is a reminder that banks are more than institutions. They are part of the social fabric, and their future depends on whether they can stay human while adapting to change.

The festival’s mission is clear: to interconnect the region’s finance leaders, foster authentic exchange, and turn conversations into action. With its unique blend of purpose and personality, UNCHAIN has become the most relevant fintech gathering in the CEE—and will be coming back in 2026 with even more practical insights, new partnerships, and the same spirit: authentic, connected, and ready for what’s next.

THE FUTURE OF FINANCE, IN FULL FLOW

The key topics at UNCHAIN were as dynamic as the people in the room—over 60 sessions packed with fresh ideas, future-thinking strategies, and real-world solutions. From game-changing tech to bold regulatory conversations, the agenda left no stone unturned.

As Andrew Samu, Editor at Disruption Banking and Host of UNCHAIN put it:
“Key trends like artificial intelligence and instant payments were high on the agenda, but speakers were not shy to discuss topics like how long a digital euro might take to be released, or the current stable coin and wider crypto discussion. It’s important to note that Central Eastern Europe is evolving differently to other regions around the world—instant payments are already in place in many countries. The challenge the banking and fintech sectors face is about what the next iteration of fintech solutions might look like.”

Catalin Cretu, General Manager for Romania, Croatia, Slovenia and Bulgaria at Visa added: “Visa was pleased to join industry leaders and partners at UNCHAIN Festival, a premier event shaping the future of finance in Central and Eastern Europe. UNCHAIN once again demonstrated its strength as a powerful platform for shaping the future of finance, facilitating meaningful dialogue with clients, partners, regulators, and digital innovators. This year’s discussions—ranging from AI in banking and neobanking to embedded finance and cross-sector transformation—highlighted the dynamic evolution of our industry.

As a committed strategic partner since the festival’s inception, Visa supports UNCHAIN’s vision of fostering regional resilience, bridging traditional and emerging financial sectors, and accelerating market growth. We look forward to continued collaboration as we build a more connected and innovative financial ecosystem across the region”

NEXT-GEN PAYMENTS ADVANCING & OPENING-UP OPPORTUNITIES

UNCHAIN’s payments track burst with energy and innovation, reflecting the CEE region’s bold momentum in instant payments and financial infrastructure development. From real-time rails to orchestration platforms, the conversation was rooted in how to build a seamless, scalable future across fragmented markets—and how collaboration is the key to unlocking it.

One of the major highlights was BLIK’s expansion into Romania—a proven Polish success story now taking its real-time mobile payment solution across borders. With BLIK already widely adopted in Poland, its move into Romania showcased in a panel together with PayU and the National Bank of Romania, how homegrown innovation can scale regionally. By enabling users to pay instantly via mobile, even without a physical card, BLIK is delivering convenience, security, and a highly localized digital experience tailored to the needs of modern consumers and merchants. It’s a big step forward in interconnecting the region’s payment ecosystems and bringing practical, proven solutions to new markets.

Visa Direct also took the spotlight, demonstrating how push payment capabilities are modernizing the way money moves—between people, across platforms, and even across borders. As a key enabler of real-time transactions, Visa Direct is helping fintechs and financial institutions in CEE tap into faster, more transparent money movement, unlocking new business models and customer experiences along the way.

Meanwhile, Payten, Worldline Financial Services, and SIBS Romania—three of the region’s most impactful infrastructure and processing players—brought forward tangible, future-ready solutions in payment orchestration, embedded finance, and acquiring. SIBS Romania mentioned its advanced POS-sharing model, a smart solution designed to reduce hardware duplication and operational friction for merchants—especially relevant in multi-brand retail environments. This innovation not only improves the customer checkout experience but also supports a more efficient and sustainable payment infrastructure across markets.

Worldline Financial Services shared its forward-looking vision for the future of payments in CEE, centered around building open, secure, and interoperable systems that adapt to the region’s unique needs. From enabling next-gen digital wallets to offering flexible acquiring models, Worldline Financial Services emphasized its role in shaping a future where innovation is not limited by borders, and every transaction becomes smarter, faster, and more human-centered.

Payten, meanwhile, showcased the success of its collaboration with Auchan, delivering streamlined and robust orchestration of in-store and online payments. This partnership demonstrated how integrated solutions can drive both efficiency and customer satisfaction at scale, creating a seamless ecosystem from checkout to settlement.

Together, these partners are not just keeping up with change—they’re driving it. Their presence at UNCHAIN highlighted a shared commitment to building a unified, agile, and interoperable payments landscape that supports innovation across industries, markets, and regulatory frameworks throughout the CEE. From seamless consumer journeys to scalable infrastructure and game-changing partnerships, the payments sessions at UNCHAIN proved one thing above all: in CEE, the future of money is already in motion—and only gaining speed.

CRACKING THE NUT OF LENDING TECH

Lending at UNCHAIN was anything but traditional. Across sessions, speakers explored how lending is being reimagined through embedded finance, BNPL (Buy Now, Pay Later) models, and smarter credit decisioning powered by open data and AI. A key theme was how POS systems and online marketplaces are no longer just transaction points—they’re fast becoming distribution channels for financial products. From microloans to merchant financing, these platforms now act as both service touchpoints and lead generators, creating a bridge between new-age fintech and established banking institutions.

Big announcements reinforced this shift—most notably the launch of a cooperative partnership between Global Payments Europe, Lendox and Visa designed to streamline access to SME lending. It represents a powerful move to digitize credit distribution and support business growth at scale, particularly in underserved markets across CEE.

“By combining the power of Lendox’s credit intelligence engine, the cards and  payments infrastructure of Global Payments Europe, and the global reach of Visa’s rails, a new horizon is emerging, one where supply chains are unlocked through an  innovative, invisible, Embedded SME lending. This is not just about AI and technology—it’s about inclusion at scale. The strategic partnership stands as proof of how fintech and large financial institutions can collaborate in order to solve  the huge problem of SMEs financial inclusions“. states Cosmin Curticapean, CEO of Lendox.

The spirit of innovation also shone through in the UNCHAIN Startup Tournament, where Mifundo took the top prize. Their cross-border lending platform addresses a key regional challenge: serving individuals with multi-country lives. As Mifundo’s CEO shared on stage, millions of Eastern Europeans working abroad struggle to access fair credit when they return home due to fragmented credit histories. By integrating data from over 70% of Europe’s credit bureaus, Mifundo enables local banks to make responsible, inclusive lending decisions and offer returning citizens the same conditions as domestic clients. It’s a win-win for financial inclusion and bank growth.

“There has been notable progress in the modernization and digitalization of financial services in recent years. However, there is still room for innovation, and cross-border lending remains a key area of opportunity. We estimate that around 45 million Europeans will apply for a loan in a country different from the one where they’ve built their credit history. Keep in mind that, according to Eurostat, 1.5 million Europeans move to a different EU country each year.” states Alex Blay, Head of Strategic Partnerships at Mifundo.

At UNCHAIN, lending wasn’t just about capital—it was about access, identity, and creating seamless pathways for financial empowerment in a fast-moving, mobile world.

FROM LEGACY TO LIGHTNING-SPEED: CLOUD, AI & THE DIGITAL BANKING LEAP

 This was where the sparks really flew. The Digital Transformation track at UNCHAIN wasn’t just about buzzwords—it spotlighted how institutions across CEE are trading old systems for fast, flexible, and future-ready infrastructure. From cloud-native platforms and AI-powered services to digital identity and EUDI wallets, the sessions brought together some of the sharpest minds reshaping finance’s digital backbone.

Leading the way, Raiffeisen Bank shared its bold leap into the cloud with Amazon Web Services (AWS), illustrating how major institutions can unlock agility, scalability, and innovation when they leave legacy behind. Garanti Bank introduced us to GIA, its AI-powered virtual advisor, which delivers 24/7 personalized assistance and exemplifies the growing role of conversational AI in modern banking. And Banca Transilvania showcased together with Finshape how BT GO is setting new standards for mobile banking—offering speed, simplicity, and smart services for millions of users. Their trailblazing progress was rightly honored during the event with the CEE Digital Bank of the Year Award 2025, powered by Visa—a well-earned recognition for Banca Transilvania’s leadership in redefining what a full-service digital bank of the future looks like.

A remarkable spirit of innovation was echoed in a panel featuring BRD Groupe Société Générale, Payten, Visa, Symphopay, and Transfond, which explored how real-time technologies and smarter liquidity tools are transforming corporate payments. The session underscored the growing importance of agile infrastructure and digital-first cash management in helping businesses stay efficient, competitive, and connected across channels.

A standout panel featuring IBM and IT Smart Systems zoomed in on the data-driven foundations of transformation—covering data governance, lineage, trust, and AI transparency. Experts emphasized that robust architecture and clear data ownership are now just as crucial as the front-end experiences. Building trust in data—from source to decision-making—emerged as a critical factor in accelerating innovation responsibly. It was a clear reminder: behind every great digital leap is a rock-solid data strategy.

The push toward neobanks and superapps was also in full focus. Agile players like Natech and Snappi demonstrated what’s possible when you build banking experiences from the ground up—lean, mobile-first, and deeply user-centric. As AI becomes increasingly embedded into core services, the conversation moved from automation to prediction, from customer service to customer intuition.

Resilience, of course, remained a central theme. Cybersecurity leaders like FORT emphasized the urgent need for fortified, real-time security frameworks, especially as digital ecosystems become more interconnected and data-heavy. Meanwhile, Namirial emerged as a key transformational player in the adoption of EUDI wallets, helping translate the EU’s vision for cross-border digital identity into practical, scalable solutions. Their efforts are paving the way for a more secure and user-empowered future in digital onboarding and authentication.

In short, the message was clear: digital transformation isn’t about catching up—it’s about staying ahead. And for those who embrace it fully, the future of finance is already here.

FINTERSECTIONS: WHERE FINANCE MEETS THE REAL ECONOMY

New to UNCHAIN this year, Fintersections explored one of the most exciting trends shaping finance today—the growing convergence of financial services, technology, and traditional industries. As banks, fintechs, and insuretechs aim to move closer to the end user, they’re embedding financial solutions directly into the platforms, journeys, and ecosystems that define daily life and commerce. Whether it’s agriculture, fleet & fuel, or retail, the message is the same: the future of finance isn’t just digital—it’s deeply contextual.

In the Fleet & Fuel vertical, the momentum was unmistakable. From Eurowag and E100 to Petrol Pay, Token, and Global Payments Europe, industry leaders discussed how financial services—payments, tolling, insurance, and credit—are being woven directly into the driver’s journey. Embedded finance is no longer a perk; it’s a competitive necessity, unlocking new revenue streams and operational efficiency for platforms like Autonom, Cargo Track, and Westaco. The panel explored how data, integration, and experience design are aligning to make fleet services smarter, faster, and more user-centric than ever.

Over in Retail, BNPL remained a strong theme. Platforms like Twisto and Klarna continue to refine how consumers shop online, but it was eMAG that made headlines by stepping fully into the fintech space with the launch of HeyBlu. Meanwhile, retailers like Auchan showcased how financial partnerships—especially through payment orchestration and credit options—can transform both checkout experience and customer lifetime value. And Pluxee turned heads with its innovative employee benefit programs, proving that smart incentives can drive real-world retail traffic while deepening the financial relationship with users.

In Agriculture, conversations focused on personalization, precision, and unlocking capital. Agricover presented a comprehensive vision for improving the financial lifecycle of farmers, from tailored lending to embedded insurance. NHR Agro Partners emphasized how precision farming isn’t just about tech—it’s about efficiency, sustainability, and profitability, making the need for intelligent financing even more urgent. That’s where players like Lande come in, offering new funding models and platforms that are finally addressing the capital access gap for SMEs in the agro sector.

At the core of Fintersections was a unifying insight: finance works best when it works where people work. Across industries, integrated financial tools are no longer just nice to have—they’re the engine of growth, trust, and transformation. UNCHAIN didn’t just talk about the future of finance—it showed where.

RISK, REWRITTEN: HOW INSURANCE GOT ITS GROOVE BACK AT UNCHAIN

At UNCHAIN 2025, insurance didn’t just show up—it transformed. Once seen as a slow-moving sector, it emerged as one of the most actively reimagined industries at the event. Across firesides and panels, the message was clear: in Central and Eastern Europe, insurance isn’t catching up—it’s leapfrogging.

The shift started with a deep dive into insurtech innovation across CEE. Leaders from FlowX.AI, InsurWiz, and Eazy Asigurări explored how tech is finally making digital insurance operationally viable at scale. While legacy challenges persist, the mood was optimistic—especially around startups and incumbents learning to co-create.

The regulatory landscape is changing, too. With the EU’s FiDA proposal back on the table, the idea of open insurance is gaining traction. As Andres Lehtmets highlighted, access to customer-permissioned data could redefine both competition and collaboration in insurance ecosystems.

A standout moment came during the AI in Insurance fireside, where panelists from RebelDot, Campion Broker, Hellas Direct and Marsh shared how AI is already powering claims automation, personalization, and fraud detection. The message: this isn’t hype—it’s already happening.

Insurance distribution, often overlooked, had its spotlight too. Founders revealed what it takes to go from pilot to scale—and as Erik Barna, UNCHAIN InsurTech industry expert noted, “we’re witnessing a rapid leap from pilot projects to fully scaled digital distribution models, especially in underserved markets like Romania, Bulgaria, and the Western Balkans.” This mix of local ingenuity and global ambition is fueling embedded insurance models in sectors like mobility and e-commerce, reporting conversion rates as high as 15–18% when integrated directly into partner ecosystems.

But insurance isn’t just being sold differently—it’s being redesigned. On-demand, modular, and behavior-based models are no longer theoretical. Panelists debated how far personalization can go within the limits of regulatory frameworks and operational complexity.

The most forward-looking discussion asked: how do we insure the uninsured? Embedded niche products—like pet insurance or micro-health coverage—are quietly expanding protection to people who’ve never bought insurance before. When integrated into everyday life, insurance shifts from product to service experience.

By the end of UNCHAIN, the takeaway was unmistakable: insurance in CEE is becoming a testbed for reinvention, driven not just by risk management, but by technology, empathy, and bold ideas.

REGULATION & INVESTMENT: STEERING THE FUTURE OF FINANCE IN CEE

At the heart of UNCHAIN’s dialogue was a shared understanding: innovation cannot thrive without regulation that’s both forward-looking and pragmatic. Across the region, central banks are taking the lead, not just as overseers but as active architects shaping the financial landscape.

Representatives from the National Banks of Romania, Croatia, Slovenia, and the Czech Republic painted a vivid picture of this evolving role. They are driving the rollout of low-cost, instant payment systems—a critical infrastructure aimed at making transactions faster and more accessible for everyone. But beyond speed, their mission is to build a system that is safe, resilient, and inclusive. As Claudiu Negrea of Romania’s central bank emphasized, this is about opening markets in a way that balances innovation with stability, ensuring trust in a rapidly changing ecosystem.

This regulatory momentum is mirrored in the transformation of capital markets, where blockchain technologies are moving beyond hype into practical application. Leaders from Binance, Billon Group, and Pekao Bank shared how blockchain is increasingly embedded into compliance and finance operations, a shift powered by clear frameworks like the upcoming MiCA regulation. These advancements are not just technical—they represent a new phase where regulators and innovators collaborate to unlock real value, fostering ecosystems where fintechs and traditional institutions thrive side by side.

Investment, too, is being reshaped by these changes. The panel of asset managers and fintech CEOs explored how the modern investor demands simplicity, speed, and digital empowerment. Platforms leverage AI, tokenization, and social features to meet diverse needs—from novice to expert investors. But all agreed that regulatory clarity remains essential to build confidence and unlock cross-border opportunities, creating a level playing field where innovation can scale without compromising safety.

Together, these conversations tell a powerful story: CEE is not waiting for the future of finance—it is defining it. Central banks are proving that thoughtful regulation can be a catalyst, not a constraint, while startups and institutions collaborate to build seamless, secure financial experiences.

What became unmistakably clear at UNCHAIN is that success in this region lies in integration—not just of technologies, but of voices. By bringing together regulators, financial institutions, entrepreneurs, and innovators from across CEE, UNCHAIN fosters the kind of cross-border dialogue that builds trust, dismantles silos, and lays the foundation for long-term growth. Only through genuine friendship and deep cooperation can we lower barriers, unlock capital, and lift the entire region onto the global stage. From regulators enabling open markets to startups embedding finance into everyday experiences, progress will come from working together—not in parallel, but in sync.

As Rik Coeckelbergs, author of The New Ethos in Banking, beautifully summed up,  “Everyone says their event is relaxed and relevant. UNCHAIN actually delivers that rare mix of serious ideas and genuine connections.” 

AWARD WINNERS

Digital Bank of the Year 2025: Banca Transilvania Sets the Standard

A major highlight at UNCHAIN 2025 was the “CEE Digital Bank of the Year Award,” powered by UNCHAIN x Visa, awarded to Banca Transilvania. The recognition reflects the bank’s groundbreaking strides toward becoming a truly full-service digital bank.

With its evolving BT GO and BT Pay platform, Banca Transilvania is delivering fast, intuitive, and AI-enhanced banking to millions—raising the bar for what modern banking can be. From seamless onboarding to always-on digital services, Banca Transilvania has blended innovation with usability in a way that’s both bold and customer-centric.

In a region accelerating toward digital maturity, BT stands out not just for its technology, but for its clear vision and execution—offering a blueprint for the future of banking in CEE and beyond. 

Startup Tournament: Mifundo Takes the Win at UNCHAIN 2025

The UNCHAIN Startup Tournament competition crowned Mifundo as its 2025 winner—recognizing the fintech’s bold mission to make cross-border lending as seamless as local credit.

By enabling banks to serve customers across the EU without borders, Mifundo is tackling one of the region’s most persistent pain points. Their tech-driven approach to portability and regulatory alignment struck a chord with judges and investors alike.

A well-earned victory that signals not just promise, but real momentum toward a more open and inclusive European credit market.

Looking forward to 2026!

*** 

About UNCHAIN Fintech Festival

UNCHAIN Festival is a premier event that brings together the financial and tech sectors from across Central and Eastern Europe, acting as a regional platform for cross-industry collaboration and innovation. Set in the historic Oradea Fortress, the festival connects markets, communities, and ideas, creating the space where emerging trends turn into actionable conversations and strategic partnerships. Since 2022, UNCHAIN serves as a regional launchpad, pushing innovation forward and bridging the gap between traditional industries and the future of finance. 

All of this is possible thanks to the foundational involvement of regional fintech innovators such as Visa, the event’s Main Partner, together with Raiffeisen Bank Romania, BRD Groupe Société Générale, Banca Transilvania as Banking Partners, Global Payments Europe, BLIK Romania, Payten Romania as Gold Partners, Hellas Direct,  RebelDot, Campion Broker as InsurTech Partners. Event sponsors that support innovation throughout the CEE region are Garanti BBVA,  SIBS Romania, Worldline Financial Services, Digital Systems, IT Smart Systems, Noda, Finshape, Amazon Web Services, NOTA, Namirial, FORT, Imobiliare.ro Finance, Austria Card, BTCBNK, Finqware, CMS Cameron McKenna and VeritaHR.

Hosting partnerships further strengthen the event’s regional ties, with support from Visit Oradea and Make IT in Oradea — a collaboration reflecting the city’s ongoing commitment to fostering innovation — alongside LOT Airlines, Oradea Airport, Autonom, Izvorul Minunilor, Digi, Duval Furniture, Darabont Winnery, Aerotravel and ADDJBH.

Over the past few years, Bulgaria has gone from having a small patchwork of digital finance startups to hosting more than 150 fintech companies, most of them clustered in Sofia. The sector has seen consistent growth in revenue, investment, and international visibility, and it’s not just about volume. It’s about how these companies are scaling fast, experimenting across verticals, and attracting global backing.

The digital payments segment is especially dominant. It makes up about a third of all fintech activity in the country and drives more than 60% of the industry’s revenue. Names like BORICA, Paynetics, and EasyPay form the local backbone, while giants like Visa and Mastercard have set up shop here too. Add in Bulgaria’s first fintech unicorn, Payhawk, and a wave of crypto innovation led by companies like Nexo, and the picture gets clearer: Bulgaria is a testbed for real fintech ambition.

So, how did this happen? What role did regulators, banks, and cross-border investors play in shaping the ecosystem? And what’s next as Bulgaria eyes eurozone entry and deeper EU integration?

That’s what we’re about to explore.

Regulation: Stability First, Innovation Close Behind

Bulgaria’s financial regulation system is methodical, and that’s part of what’s helped the fintech ecosystem grow without overheating. At the centre of it all sits the Bulgarian National Bank (BNB), which acts as the country’s central bank, banking regulator, and macroprudential watchdog. It issues licenses for banks, payment institutions, and e-money firms, oversees financial stability, and implements EU rules like PSD2.

Since 2020, the BNB has been under “close cooperation” with the European Central Bank, meaning the ECB now supervises Bulgaria’s largest banks directly through the Single Supervisory Mechanism (SSM). This was a major step forward in aligning with the eurozone. The BNB has gradually raised capital buffers, like the countercyclical capital buffer (CCyB), which hit 1.5% in 2023 as a way to prevent excessive credit growth and make the system more shock-proof.

Speaking of eurozone preparations, Bulgaria still aims to adopt the euro, even though that timeline has slipped past 2025 due to inflation concerns. But regulators are treating it like a when, not an if. The BNB recently connected its national payment system (BISERA) to the ECB’s TIPS platform, enabling instant euro transfers, one of the last pieces of technical infrastructure needed for euro adoption.

Another big name in the regulatory space is the Financial Supervision Commission (FSC). While the BNB handles banks and payments, the FSC oversees insurance, pensions, capital markets, and non-bank finance. They’ve started to lean into fintech more actively, rolling out a Strategy for Monitoring Financial Innovation (2021–2024) and showing openness to ideas like a regulatory sandbox, though a full one hasn’t launched yet.

There’s also the Ministry of Finance, which handles legislation and coordinates Bulgaria’s eurozone strategy and post-COVID recovery investments. Their work with the BNB and FSC helps align Bulgaria with upcoming EU rules like MiCA (for crypto) and DORA (for digital operational resilience).

So far, this three-pronged setup (BNB, FSC, and the Ministry) has struck a fairly good balance between financial stability and fintech growth. One key challenge, however, remains financial literacy. Bulgaria’s population still struggles with understanding new financial products, especially digital ones. The government’s Financial Literacy Strategy (2021–2025) tries to tackle that, but making fintech truly inclusive will take time.

Commercial Banks, Neobanks & Fintechs: Digitalisation Meets Consolidation

Bulgaria’s banking sector is concentrated, foreign-owned, and (over the past few years) quietly getting a digital overhaul. As of the end of 2023, 23 banks were operating in the country, including six branches of foreign banks. But it’s the top five that run the show, holding nearly 77% of all banking assets. That level of concentration isn’t new, but what’s changed is how these banks are operating.

There’s been a steady wave of consolidation. The most recent example was in 2023, when Postbank (Eurobank Bulgaria) acquired BNP Paribas Personal Finance Bulgaria, tightening its grip on the retail lending market and expanding its customer base.

Banks like UniCredit Bulbank, DSK (OTP Group), UBB (KBC), and Postbank are not only dominant but also investing heavily in digital transformation. Bulgaria’s eurozone ambitions are pushing banks to modernise legacy systems, tighten up compliance, and rethink how they deliver services online. A lot of this is also driven by necessity, such as regulatory alignment and rising customer expectations.

United Bulgarian Bank (UBB), part of the Belgian KBC Group, has been getting noticed not just for tech upgrades but also for its ESG credentials. In 2024, UBB was named Best Digital Bank and Best ESG Bank in Bulgaria by Euromoney, proof that digitalisation and sustainability can go hand in hand.

Meanwhile, neobanks and fintech-style lenders are starting to carve out their own space. A major move came in 2024 when Advent International announced it was acquiring tbi bank, a Sofia-based digital-first bank focused on Buy Now, Pay Later and consumer lending. Tbi isn’t a classic neobank, but it plays like one: mobile-first, quick onboarding, and accessible financing options.

On the infrastructure side, Evrotrust has become a key tech provider, especially in digital identity. In 2023, the Bulgarian government officially adopted Evrotrust’s eID scheme as the national standard for electronic identification, allowing people to sign documents and access public services online. The company is also working with private clients. Porsche Finance Group Bulgaria now uses Evrotrust to digitise internal workflows.

Beyond banks and neobanks, Bulgaria also has a handful of heavyweight fintechs that are powering much of the ecosystem’s infrastructure:

• BORICA, a state-backed payment infrastructure provider, runs the Blink instant payment system, launched in 2021 for 24/7 transfers in BGN. It later added person-to-person transfers via phone number, and is now being linked with the ECB’s TIPS platform for euro instant payments.
  
• Paynetics is a licensed e-money institution that operates across the EU and UK, offering card issuing, embedded finance infrastructure, and payment solutions to fintechs and merchants.
  
• iCard is one of the oldest fintech names in Bulgaria. Its digital wallet app supports IBAN accounts, P2P transfers, foreign exchange, and even crypto/metal investments. The company now serves 1.8+ million clients in 30+ countries.
  
• And EasyPay, while sometimes flying under the radar, is one of the most widespread hybrid payment platforms in Bulgaria, combining physical cash-in/cash-out points with digital services and integrations into the national payments infrastructure.

Fintech Startups & Investment Beyond Unicorns

For a long time, Bulgaria’s fintech scene flew under the radar. That changed in 2022, when Payhawk raised a $100 million Series B extension led by Lightspeed Venture Partners, officially becoming Bulgaria’s first unicorn.

But Payhawk isn’t the only company making a difference. Over the past five years, Bulgaria has quietly grown a dense network of fintech startups, more than 150 by 2022. Most of them are SMEs based in Sofia, but their ambitions are regional, and sometimes global.

Take Iris Solutions, one of the first licensed open banking providers in Southeast Europe. They offer infrastructure for banks and fintechs to launch PSD2-compliant services. Or Boleron, an insurtech startup building a fully digital insurance platform. In 2023, it raised €2.1 million to expand into Greece and Romania, showing that regional investors are now looking at fintech through a wider lens.

So, what’s fueling all this? A mix of local and international capital. Funds like LAUNCHub Ventures and Eleven Ventures have backed some of the biggest names in the market, including early rounds for Payhawk and Nexo. LAUNCHub has also invested in Nexo’s early stages and continues to raise fresh capital for fintech and deeptech bets across the region.

Meanwhile, foreign investors are getting in earlier than they used to. Payhawk’s $100M round brought in Lightspeed, Greenoaks, and Earlybird. Even crypto startups like Nexo, though they’ve had a bumpy regulatory ride, drew global capital during the boom years. Some startups like Phos, a SoftPOS provider that turns Android phones into card readers, even got acquired by big names (Ingenico picked them up in 2023).

What’s also interesting is how established players like Paynetics are acting like platforms for others. Besides offering embedded finance infrastructure, Paynetics has actively supported fintech entrepreneurs, partnered with startups like Phyre, and even acquired UK neobank Novus to expand its digital reach.

From a macro perspective, Bulgaria still isn’t a massive funding market. But it still performs beyond expectations. In 2023, over €260 million in startup funding was raised in Bulgaria across all verticals, and fintech remained one of the strongest categories. According to StartupBlink, Bulgaria ranked 37th globally in the Startup Ecosystem Index, with Sofia acting as the central hub for innovation.

So while the unicorn headlines matter, the real story is about ecosystem depth. A growing number of fintech startups, VC funds with regional reach, and a few high-profile exits have created momentum. And if Payhawk’s rise is any indication, Bulgaria’s next breakout fintech might already be in the works.

Associations & Support: Who’s Holding Up the Fintech Scene

Behind the startups, funding rounds, and flashy exits, there’s a surprisingly solid support system helping Bulgaria’s fintech ecosystem grow. And for a relatively small country, it’s got a few things going for it that others don’t.

The Bulgarian Fintech Association (BFA) is probably the loudest voice in the room. Since 2018, they’ve been the go-to group for research, advocacy, and general ecosystem-building.  Then there’s the Visa Innovation Program, which Bulgaria helped launch and now co-leads through Eleven Ventures. 

What started as a local accelerator has turned into a regional platform connecting fintech startups across Greece, Turkey, and Bulgaria, with Sofia acting as a central hub. Startups in the program run pilots with Visa’s corporate partners and banks, which is a big deal when you’re trying to validate a product in a conservative industry.

And it’s not just Visa. A few years back, Raiffeisen Bank’s Elevator Lab also ran a chapter in Bulgaria to scout for fintech partnerships. One notable graduate was actually Phos, the SoftPOS startup that eventually got acquired by Ingenico. It’s a good example of how these programs can bring real value. 

Add to that startup hubs like Campus X, where fintech founders work out of the same building as VCs and tech mentors, and you get an ecosystem that’s tight-knit, not siloed. Some of the Visa program activity even took place there.

So while there’s no formal regulatory sandbox (yet), the combination of active associations, corporate-led programs, and VC-accelerator overlap has created a pretty functional support structure. It’s not flashy, but it works. And it helps explain why a country with just 7 million people keeps putting interesting fintechs on the regional map.

Conclusion: Early Days, Big Signals

Bulgaria’s financial sector has undergone major shifts in recent years, from the consolidation and digitalization of traditional banks to the rise of a growing fintech startup scene. It’s not the largest market in the region, but it’s moving fast and making itself hard to ignore.

What stands out in a Central and Eastern European context is the density and profitability of its fintech ecosystem. Bulgaria actually outpaces Romania in both the number of fintech companies and sector performance, and while it hasn’t positioned itself as a licensing magnet like Lithuania, it stands out for its engineering talent, strong infrastructure, and cost-effective environment. 

The sector is still in early stages, but it’s vibrant, well-networked, and building from solid fundamentals. With active associations, cross-border accelerators, and a healthy mix of local and foreign investment, the conditions are right for entrepreneurs to scale.

In the larger context of CEE, Bulgaria has positioned itself as both a collaborator and a competitor, collaborating to build regional fintech synergies while competing by offering a highly skilled yet cost-effective environment for financial services development. 

The country’s first fintech unicorn and successful exits signal the coming of age of the ecosystem. Going forward, the continued inflow of EU funds, the prospect of euro adoption, and sustained tech innovation are poised to further integrate and advance Bulgaria’s financial market