The report ‘FinTech in Poland – barriers and opportunities for development,’ prepared by the Fintech Poland Foundation in cooperation with industry experts, is a groundbreaking study aimed at understanding the current situation and prospects of the Fintech sector in Poland. It shows that Poland, as a dynamic center of innovation, has the potential to become a leader in the next-generation financial industry in Europe.
The fintech sector, which defines modern financial technologies, has become a key element in the global transformation of the financial industry, accelerated by the recent economic crisis. Technological change offers growth opportunities for start-ups and mature financial institutions, enabling them to reduce costs, expand their reach, and create new business models.
Traditional financial centers such as London or Frankfurt are becoming centers of economic innovation. However, new centers, including Warsaw, also have the opportunity to strengthen their position with the right policies to support innovation. According to the Global Financial Centre Index, the city ranks 45th globally and is a leader in Central and Eastern Europe. In the Doing Business 2017 report, Poland ranks 24th, significant for a sector characterised by early-stage companies. However, we rank 39th in the Global Innovation Index, indicating some barriers to innovation.
Polish banks have earned global recognition for their innovative practices, and the fintech sector is rapidly gaining momentum, particularly in collaboration with these banks. As the ‘back office’ of London, Poland is home to central banks’ support and outsourcing centers like Credit Suisse and UBS. The impending Brexit could potentially expedite this process, offering Poland a golden opportunity to lure fintech companies seeking an alternative location, thereby further boosting the growth of our fintech sector.
The report highlights that Poland is well positioned to compete and become one of the vital fintech hubs in Europe. To achieve this, it needs to create a unique microclimate conducive to financial innovation that combines openness and security. In an era of high mobility of capital and talent, Poland should create conditions that attract the most talented people from around the world to develop their ideas and set up their companies in Poland.
The key steps are diagnosing the current situation, identifying strengths and weaknesses, defining objectives, selecting appropriate instruments, and developing a government strategy in close cooperation with the private and public sectors. Only in this way can the fintech sector become one of Poland’s economic growth engines.
Date of update: 4/17/2024