Ultimate Guide to FinTech in Poland 2018. All You need to know to navigate local ecosystem

Poland is the biggest FinTech market in Central and Eastern Europe, with an estimated value of €856 million. Warsaw, home to nearly 45% of startups in the country is also a hub of financial technology in the region. The Global Financial Centres Index (GFCI) ranks capital of Poland as the 12th most competitive major Financial Centre in CEE, and 45th in the world.

Just 5 years ago the term “FinTech” was not widely known in Poland. Despite this, local financial institutions were one of the most innovative in Europe. It hasn’t changed since then. The ’Welcoming Innovation Revolution’ report by GE Global Innovation Barometer 2016 shows clearly that 83% of Polish companies are highly interested in new technologies. And 2018’s edition of the report proves that the innovations in Poland are driven mainly by SME’s.

The banks are great examples of ventures that are driving innovation. They constantly invest in improvements and novelties in various areas, such as modern sales channels (including online channels), remote client service technologies, digitalisation of traditional branches or new payment methods.

As a result, about 15,5 million Poles uses banking services online at least once a month, according to Polish Bank Association. The use of mobile banking technologies is widely spread too.

Poland is also one of the most attractive markets in terms of outsourcing. Currently, there are 524 foreign companies with Business Process Outsourcing (BPO), Shared Services Centres (SSC) and Research and Development hubs (R&D) employing over 244.000 people (according to ABSL). One of the crucial elements of the Polish BPO industry is outsourcing for global financial institutions.

That’s why names like Credit Suisse, Citi and UBS have made Poland their home for all outsourcing and Customer Support. It’s speculated that Brexit will not only increase the workload for these ‘back-offices’ in Poland and the CEE region but also accelerate the relocation of middle-office services. For example one of the prime global banks, JP Morgan Chase, plans to run their operation and risk management processes in a newly extended centre that is being extended to 5000 professionals.

With the cost of operating a business of any size in England going up and up, many more FinTech entrepreneurs will be looking to scale their business elsewhere. And Poland is properly poised to be the major European FinTech hub attracting foreign entrepreneurs to come and run their business here. One of them is Rene Skaflestad, CEO of the Norwegian FinTech startup Liber Finance Group, who chose Warsaw as their headquarters.

It’s an exciting time to be in polish FinTech.

With this in mind, we’ve created a FinTech Guide Poland 2018, covering top businesses, most innovative banks and initiatives disrupting Financial Technology ecosystem in Poland and CEE.

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