The Bulgarian Fintech Association (BFA) held an official meeting with European Commissioner for Financial Services, Financial Stability, and the Capital Markets Union, Maria Luis Albuquerque. Commissioner Albuquerque’s portfolio includes securing financing for the EU’s green and digital transitions, maintaining financial stability, and improving access to funding for businesses and citizens.
During the discussion, key topics from the European agenda were addressed, including:
- The European Union’s strategy for promoting savings and investments;
- Increasing financial literacy among citizens and enhancing cooperation with national regulators;
- Progress on the implementation of key financial sector regulations.
Representing the BFA at the meeting were Valeri Valchev, Chairman of the Management Board, and Bozhena Bozhilova, Executive Director of the Association. They presented several of the BFA’s initiatives, emphasizing the challenges and opportunities facing the fintech industry in Bulgaria.
“24% of Europeans invest, while in Bulgaria this share is only 8%. To change this, knowledge and financial literacy play a key role, supported by targeted national policies aimed at developing capital markets. This is a long-term process that requires consistency and a coordinated strategy at both the national and European levels,” Bozhena Bozhilova emphasized to Commissioner Albuquerque.
The Commissioner and BFA representatives agreed that private finance plays a crucial role in supporting Europe’s green and digital transitions. They also highlighted the importance of further developing the EU capital markets in an inclusive manner that takes into account the interests of all Member States and their citizens, regardless of the size and maturity of their capital markets.
During the meeting, the BFA clearly stated its commitment to:
- Actively engage in European consultations on new regulations affecting the fintech sector;
- Strengthen its partnerships with national and European institutions to improve the regulatory environment;
- Initiate working groups involving BFA members to develop concrete proposals to the European Commission on priority topics such as open finance, sustainable finance, and access to capital.
“Europe is heavily regulated – this is no surprise, nor is the diversity of participants in the fintech sector. This is precisely why the strategy for the Capital Markets Union is designed as a horizontal tool aimed at fostering a single market for financial services, removing barriers, and ensuring funding for innovation. We are talking about innovative service providers, including fintech companies, whose role is becoming increasingly critical. That is why my meetings with stakeholders in Member States focus on identifying local allies, because these long-term goals can only be achieved with their support,” stated Maria Luis Albuquerque.
The Bulgarian Fintech Association expresses its gratitude to Commissioner Albuquerque for the open dialogue and for recognizing the role of the fintech industry in building an innovative, inclusive, and competitive European economy.
