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Bulgarian Fintech Association
BFA

Bulgaria: South-West (Bulgaria)
Georgi Penev
Profile:
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Overview

About us

The Bulgarian Fintech Association is a non-governmental, for-impact organization uniting all interest parties in the sector of digital finance innovation, working from the region of Southeastern Europe (SEE). The association was established at the end of 2018 and for a little, over 2 years it has attracted 58 member organizations, among which Paynetics, Nuvei, Varengold Bank, Paysera, Paysafe, Klear Lending, Mastercard, Postbank, Sofia University and others. As of October 2021, we present more than 7300 employees in the Digital Finance sector in the region of Southeast Europe. Our goal is to establish Bulgaria as a leading Fintech Hub in the region of Southeastern Europe. Undoubtedly, this could only happen with a well-developed internal market, highly efficient and effective public institutions, and a well-developed educational system that maintains a rich talent pool able to answer the current business needs.

Established - 01 November 2018
Staff in the management team - 6-10

Cluster composition

  • 54
    Cluster Members
  • 31
    SME's
  • 31
    Number of start-ups among SME's
  • 2
    Large Companies
  • 2
    Research Organisations, Universities, Technology Centers
  • 1
    Number of civil society members
  • 18
    Other Ecosystem Actors

1. Internationalisation of Bulgarian Fintech companies: 

a. BFA collaborated with Abu Dhabi Global Market and Central Bank of the UAE to organize The Search - Global Startups Tour. The winner of the pitching session was awarded an opportunity to participate in the Fintech Abu Dhabi Festival 2020.  b. Romanian Fintech Meet-up - BFA, in collaboration with the Romanian Fintech Association, organized an online event to present the most prominent Bulgarian Fintech companies to Romanian investors and Fintech businesses. 5 Bulgarian companies got the chance to pitch in from of their Romanian peers and get in direct communication with potential business partners.  c. BFA collaborated with the Bulgarian SME Promotion agency to send 5 Bulgarian Fintech representatives on a London Fintech festival - Fintech Connect.  2. Promoting learning and innovation in Fintech:

a. BFA in partnership with Sofia Univerity St. Kliment Ohridski, launched a Master's degree program in Finance and Investments at the Faculty of Economics and Business Administration.  With 20 BFA member companies lecturing in the programme and a heavy marketing support from the BFA, the Master's degree program in Finance and Investments turned out to be the most popular at the Faculty of Economics and Business Administration at the Sofia University.

Legal form of the cluster organisation
Non-Profit
Languages spoken
Bulgarian English French
Link to the team description on the cluster organisation website

Management team

Georgi Penev
Cluster Manager
Valeri Valtchev
Other
Svetoslav Dimitrov
Other
Kaloyan Ratchev
Other
Martin Bogdanov
Other
Ivaylo Ivanov
Other
Loic Le Pichoux
Other

Sectorial and industrial focus

Sectoral industries
Information and communication:J62 Computer programming, consultancy and related activities
Sectoral Industries (NACE 4 digit)
Cross-sectoral industries
Digital Industries
Industrial Alliances and Ecosystems
Ecosystems:Digital
Technology fields
Y\: General tagging of new technological developments:Y04 - Information or communication technologies having an impact on other technology areas
S3 EU priority areas

Services

Support services provided

Facilitation of collaboration between members (within the cluster)

Further information

1. To promote the development and present the achievements of the Bulgarian Fintech sector: a. The Bulgarian Fintech Association (BFA) publishes an Annual Fintech Report. You can learn more about the initiative here - https://fintechbulgaria.org/the-annual-fintech-report-2020/ b. BFA publishes a Sofia Fintech Mapping 2020 - https://fintechbulgaria.org/the-first-fintech-mapping-released/ c. BFA organizes a "Fintech of the year" award - https://fintechbulgaria.org/sepa-cyber-technologies-fintech-of-the-year… 2. BFA legislative work on a sub-national level: a. Collaboration with the European Commission - Creation of the EU Digital Finance Strategy - https://fintechbulgaria.org/bfa-response-to-the-digital-finance-strateg…  ; https://fintechbulgaria.org/bfa-sent-an-opinion-on-the-new-eu-digital-f…https://fintechbulgaria.org/the-bfa-and-ec-organized-the-2nd-most-atten… - Proposals for European measures to support digital finance in the post-COVID-19 context - https://fintechbulgaria.org/proposals-for-european-measures-to-support-… 3. BFA legislative work on a national level - BFA collaboration with Bulgarian National Authorities: - BFA takes part in a national Working group on the Anti-money laundering act in Bulgaria - https://fintechbulgaria.org/%d0%b1%d1%84%d0%b0-%d0%b2%d0%b7%d0%b5-%d1%8… - BFA is part of the Working group on "Financial literacy strategy" organised by the Ministry of Finance of the Republic of Bulgaria 4. BFA partnership with academia - https://fintechbulgaria.org/%D1%84%D0%B8%D0%BD%D1%82%D0%B5%D1%85-%D0%B8… 5. BFA support towards the internationalization of Bulgarian Fintech companies: a. Partnership agreement with Findexable -  https://fintechbulgaria.org/new-partnership-findexable/  b. "Choose Bulgaria, your Fintech destination" -  a series of events aiming at attracting Fintech FDIs - - with Dubai International Financial Centre - https://fintechbulgaria.org/choose-bulgaria-your-fintech-destination-we…  

Support training services for cluster managers/policy makers

Promotion of activities (eg. job fairs and exhibitions) - Facilitation of cross-sectorial cooperation (reskilling staff from other sectors) - Other (please specify)

Upskilling and reskilling expertise

Internationalisation

Support programmes

EU Programmes

European Programmes
H2020

Name & description

BFA has not received any funding under a Support programme, but participated in a FIN-TECH project, under the EU's Horizon2020. 

Project name

The FIN-TECH project, under the EU's Horizon2020 funding scheme aims at building a fintech risk management platform, which measures risks and foster innovation sustainability. A platform that aims to automatize compliance of fintech companies (RegTech) and to increase the efficiency of supervisory activities (SupTech). The aims will be achieved through a knowledge exchange hub, which will lead the path for a Research European sandbox that evaluates risks and opportunities of fintech innovations. The BFA participation - a participant in several public webinars of the project, in collaboration with Varna Economics University.

Cooperation activities

International cooperation

Targeted countries

United Arab Emirates

Transnational cooperation

Targeted countries

Belgium
France
Italy
Romania

Transnational support activites

Promotional Activities

International support activites

Promotional Activities

Membership in cluster networks, meta clusters and national associations of clusters

Profile name Location Network type
European Digital Finance Association
Fintechguardian
Fintech Galaxy
European Commission
Ministry of Finance of the Republic of Bulgaria
Bulgarian National Bank
Financial Supervision Commission of the Republic of Bulgaria
Commission for Personal Data Protection of the Republic of Bulgaria

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