Galya Dimitrova has transformed from a successful banker into a fintech entrepreneur-innovator. After successively heading Allianz Bank, Credit Agricole, TB “Victoria” as executive director and member of the Board of Directors, she accepted a new challenge – founded the startup IRIS Solutions. This is a natural progression for someone whose professional path has been largely connected to the digitization of banking services.
The fintech startup IRIS Solutions, founded by Galya and associates, is among the first to receive a license from the BNB as a third-party provider under PSD2.
Today, IRIS Solutions is a leading provider of open banking solutions and services in Southeast Europe. The startup’s mission is to create a single, common, secure, open platform for sharing financial data. Galya is one of the biggest enthusiasts regarding the introduction of open banking solutions in all spheres of life. The Recursive named Galya Dimitrova as one of the strong fintech ladies in Central and Eastern Europe helping to sort out finances.
Can you tell us more about what is fintech for you and what is your fintech role? What excites you the most in the Fintech industry?
For me, fintech is not just a term meaning a collaboration between finance and technology, but a name for technologies that change finance, create new value, change the approach and accessibility to financial products and services.
I believe that by founding IRIS Solutions, one of the first companies providing open banking products and services, I have contributed at least a little to the development of the fintech environment over the past four years.
We at IRIS Solutions have built and deliver a qualitatively new infrastructure layer for financial innovation based on open data and payments.
What inspires me the most is our participation in taking the first steps towards a single European space for open data and finance.
When you are one of the best in a field, you can give a lot to the whole called ‘finance’ and ‘banking’.
A challenge and an opportunity are the same thing for me. It is precisely as such that I consider the fact that the users of digital financial products, as well as the level of financial literacy of the active population in Bulgaria, are at an initial stage of development.
How do you find the Fintech industry in Bulgaria? What do you think are the greatest opportunities and challenges?
I believe that the fintech industry in Bulgaria is rapidly growing and developing. In 2021, there were 156 fintech companies in our country, employing 11,862 people. Last year’s revenues, according to statistics, were over BGN 1.8 billion.
Proof of the rapid development of the sector is the jump Bulgaria made in the Global Fintech Index. In 2021, it rose to 39th position from 56th the year before.
Sofia is one of the top 3 fintech destinations in Central and Eastern Europe with the largest number of fintech start-ups in the region. Financial, technological and start-up players are actively engaged in positive competition.
But I think more prerequisites are needed for this critical mass to become a more productive ecosystem – a practical means of generating content and a regular forum for meeting, sharing and engaging.
I am convinced that in order to continue the same rate of development of our industry, new initiatives are needed to open up and stabilise the sector.
For example, Bulgaria does not yet have a central point of contact in place to streamline inquiries and provide support advice to regulated or unregulated firms so as to help them navigate the country’s regulatory and supervisory policy and legal framework (Innovation hub).
Once an Innovation hub is established, a Sandbox must be built – a place for controlled experimentation in a real-world innovation environment and to guide engagement with firms, while allowing regulators to effectively oversee emerging products and services.
Sandbox will allow global companies to test their products and services in a secure regulatory environment. Through this open dialogue with business, institutions will have greater clarity about what regulatory frameworks will be appropriate for the sector.
A challenge and an opportunity are the same thing for me. It is precisely as such that I consider the fact that the users of digital financial products, as well as the level of financial literacy of the active population in Bulgaria, are at an initial stage of development.
What role do you think BFA plays in the development of the fintech industry in Bulgaria?
By defending the common values of its members, investors, financial institutions, foreign and local associations and partners before the regulatory authorities, the Bulgarian Fintech Association promotes the development of the sector. It creates a platform for collaboration and exchange of ideas, works to increase the productivity of the ecosystem.
The environment is constantly changing, the innovative yesterday is now a necessity. Banks are conservative structures. They can’t change that fast. That is why I believe in the future of the fintech industry.
Why did you decide to join the BFA Board of Directors? What do you want to achieve during your term on the board?
I believe that my experience in the financial sphere as a bank executive would be useful for the development of the fintech environment. To be successful in the banking business, it is required to know the needs of the client, to know how to offer useful products and services to the client that would bring him added value. And as we know, increasing the customer base is a success for business in the banking sector.
The environment is constantly changing, the innovative yesterday is now a necessity. Banks are conservative structures. They can’t change that fast. That is why I believe in the future of the fintech industry. And in order to create a favorable environment for fintech companies to work, it is necessary to have a clear vision and enough energy to work outside the specialization of the company I manage.
What are you most excited about seeing in the fintech sector in the approximate future?
I am excited to see how long it will take for the Open finance regulations to be written, implemented and operational. I am enthusiastic about creating a single common space for sharing financial data in Europe. One of the processes I observe with the greatest interest is how technology will evolve the thinking, knowledge and needs of consumers.
