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Bulgaria to establish RegTech SandBox platform

Bulgaria
27/03/2020
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At the close of February 2020, Bulgarian Minister of Finance Vladislav Goranov announced the establishment of a regulatory sandbox – the Sofia RegTech SandBox, which will be developed from close collaboration between financial institutions, start-up tech companies and public institutions.

The Global Innovation Index calls Bulgaria a leader in innovation, efficiency and achievement in South Eastern Europe (SEE) with – according to the annual report of the Bulgarian FinTech Association – as many as 65 FinTech companies in operation.

The Sofia RegTech Sandbox is expected to provide a better understanding of the regulatory mechanism needed to improve the competitive engagement between Bulgarian businesses. One of the main aims of the new project is to provide a forum for exchanging ideas, conducting analyses and discussing innovations among financial, technological and start-up players.

According to the CGAP Microfinance Centre, 50 similar sandboxes currently operate worldwide and – as of early 2019 – about 20 countries were considering creating ones. In the EU, these platforms have been set up in the UK, Denmark, the Netherlands, Lithuania and Poland.

Minister Goranov pointed out that Bulgaria lacks clear regulatory rules, policies and guidelines to govern the regime for providing innovation and making technological decisions in the financial sector. He added, however, that this is an opportunity for Bulgaria to improve its regulatory environment and take proactive steps to attract businesses from around the world.

The competition for attracting investors between the different countries in Europe in the FinTech sector needs local and global development in the sector and regulations in the FinTech sector to create a workable and sustainable framework of rules and policies.

Work on the creation of the new Bulgarian sandbox is expected to start soon. For further information on this sandbox, Bulgaria's regulatory environment and Fintech opportunities there, call or email your usual CMS contact.

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