Future Finance strategy as a springboard to increase Poland’s competitiveness as a financial center

The Polish Financial Supervision Authority (“KNF”), in cooperation with the Fintech Poland Foundation, organized a meeting of representatives of the private and public sectors to present the Future Finance Poland strategy. The strategy covers a period of the next 4-5 years, during which Poland is expected to rise to the ranks of the 30 most competitive financial centres in the world.

The Future Finance Poland project is aimed at generating coordination and cooperation mechanisms, as well as developing effective tools to support the development of the Polish financial centre at the regulatory, technological, business and marketing levels. The initiative includes the promotion of the Polish financial centre abroad, as well as support for the foreign expansion of Polish financial market entities.

KNF bases the project on 3 pillars:

• establishing an organizational structure responsible for private sector dialogue,
• selecting specializations of the Polish centre based on Poland’s strengths and analysis of solutions and technologies with the greatest potential for development. Among them are such specializations as artificial intelligence, digital assets, cyber security or sustainable finance solutions,
• building a globally recognized brand of Polish financial centre, supporting foreign investments as well as the expansion of Polish financial sector entities into new markets.

It is worth noting that the KNF realizes that the development of innovation is associated with a higher level of risk and the need to break certain established patterns, which may involve a more open approach to Fintech licensing processes in Poland.

The Polish regulator’s proactive approach to the development of the local financial market should be appreciated.

More information on the project can be found on the KNF’s Fintech page.