Ivaylo Ivanov is a Board member of the Bulgarian Fintech Association and a Fintech expert. In the last 7 years, he has designed, launched, and further developed various fintech business models. He has collaborated with pan-EU regulators (EC, EIFR, ESMA, EBA) on topics of development of the EU fintech landscape. Ivaylo was also a founding Board member of the first European Equity Crowdfunding Association (EECA).
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?
Fintech includes all the ways technology brings finance directly into the consumers’ day-to-day lives. Financial technologies usually kill the intermediary, save costs (both time and money) and give power to the user to decide right there and then what kind of totally customizable service they need. I’ve been involved in digital finance for ten years already, long before the term “fintech” even existed and for me, the most exciting part is bringing something so essential as financial literacy into the hands of each and every person on the planet, no matter their education, background or social status. It’s empowering.
How do you find the Fintech industry in Bulgaria? What do you think are the greatest opportunities and challenges?
Bulgaria is undoubtedly a local leader in digital finance. We are at the top of SEE in the areas of payments, crowdfunding, and online investments. This is a result of a very active entrepreneurial scene combined with proper tech knowledge and resources. Unfortunately, we are still behind in terms of regulation and government support for innovation. All local successes are done despite the local geopolitical situation and this is hurting perspectives for real growth.
What role do you think BFA plays in the development of the fintech industry in Bulgaria?
BFA’s goal is to bring together all parties in Bulgaria with an interest in financial technologies and to provide a platform for cooperation and the exchange of ideas. It is also the united voice of the fintech sector before regulators, investors, legacy financial institutions, foreign partners, and others.
“The main achievements that we had in this period are considerably improving the dialogue between Bulgarian fintech and local regulators; popularization of the fintech sector among young professionals as a viable field of study and work; attracting pretty much the whole sector as members of the Association.”
Why did you decide to join the BFA Board of Directors? What do you want to achieve during your term on the board?
As I said earlier, in the past ten years I helped establish the fintech sector in Bulgaria by basically creating from scratch the local crowd investing scene and putting Bulgaria in the top 5 of the EU in this sector. It was the next logical step to unite efforts with other local pioneers and together to establish the Bulgarian Fintech Association in 2018 with its aforementioned goals. The main achievements that we had in this period are considerably improving the dialogue between Bulgarian fintech and local regulators; popularization of the fintech sector among young professionals as a viable field of study and work; attracting pretty much the whole sector as members of the Association. The job is never done and we have even more ambitious goals for coming terms.
“It’s exceptionally hard to scale a pan-European service due to among other factors, the mismatch of local regulations in the different markets. I feel this is slowly but surely getting resolved by the EU regulators and this is thanks predominantly to efforts by bodies such as BFA.”
What are you most excited about seeing in the fintech sector in the approximate future?
European fintech companies have always struggled with the fragmentation of the EU market. It’s exceptionally hard to scale a pan-European service due to among other factors, the mismatch of local regulations in the different markets. I feel this is slowly but surely getting resolved by the EU regulators and this is thanks predominantly to efforts by bodies such as BFA. I personally have lobbied and presented in front of EU regulators such as ESMA, EBA as well as the Bulgarian FSC since at least 2014 and I see the progress which has been made. With the harmonization of regulation come venture investments and top talent. The future may not come as fast as we’d like but it is bright for Bulgarian and European fintech companies.
