Ecosystem map 218 – The Financial Supervision Commission (FSC) Bulgarian Fintech Association (BFA)

Fintech Ecosystem Development: The Financial Supervision Commission (FSC) has partnered with the Bulgarian Fintech Association (BFA) to develop the fintech ecosystem in the non-banking sector. This includes improving financial literacy, fostering innovation, and regular interaction with fintech companies to assess and minimize potential risks. The FSC has also established an Innovation Hub to facilitate communication […]

Ecosystem map 219 – The Financial Supervision Commission (FSC)

Focus on Financial Innovations: The FSC emphasizes the importance of financial innovations in the non-banking financial sector. It aims to balance the benefits of introducing financial innovations with ensuring market stability and investor protection. This includes monitoring financial technologies, assessing risks, and enhancing financial inclusion through digital solutions.

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Digital Finance Conference – This event in Sofia focuses on the digital transformation of the financial sector, covering topics such as digital banking, blockchain, and payments. It attracts a mix of fintech companies, banks, and technology providers.

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Fintech Summit Sofia – An annual summit that brings together fintech professionals, startups, banks, and investors to discuss the future of finance, including innovations in payments, blockchain, and financial services.

Ecosystem map 216 – Bulgarian Ministry of Finance

In Bulgaria’s initiatives to foster fintech innovation, such as the establishment of a regulatory sandbox announced by the Bulgarian Ministry of Finance. This sandbox is intended to allow international companies to test their products and services within a regulated environment, promoting industry growth.

Ecosystem map 217 – The Bulgarian Fintech Association

Fintech Association Support: The Bulgarian Fintech Association plays a crucial role in supporting the fintech sector by uniting companies and stakeholders within the financial technology space, facilitating collaboration, and promoting the interests of the fintech community.

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Despite the lower number of FinTech companies founded in 2021, FinTech’s total revenue achieved a historic 25% increase with a historic peak of total revenue – BGN 1.8 billion.

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In 2020, the Covid-19 pandemic boosted the creation of FinTech companies and they reached their all-time high of 23 companies established in a single year.

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In 2021, there are 156 FinTech companies in Bulgaria, of which 92% are SMEs, mostly located in Sofia, Varna and Plovdiv.

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Capital Gains Tax: For non-residents, capital gains from the disposal of financial assets are subject to a 10% Bulgarian withholding tax, with exemptions for gains from sales on Bulgarian or EU/EEA stock exchanges.