System support for the FinTech sector
In the newsletter, we read that the project is to help turn Poland into a financial technology leader in Central and Eastern Europe (NewTech Poland). The system support is designed to shift into market competitiveness and innovation. Poles will benefit from simplifying the management of their personal finances and dissemination of financial awareness and knowledge. It is expected that this change will also have a positive impact on other branches of the economy.
The executive consortium of four companies is in charge of implementation of the project: Areto, Eversheds Sutherland Wierzbowski, IT9 and FinTech Consultancy. Work under the Project will be carried out in parallel within three thematic areas: „FinTech”, „Sandbox” and „SupTech”.
The „FinTech” area coordinated by the Ministry of Finance includes comprehensive deregulation and removal of supervisory restrictions for this sector of the Polish market. The Ministry of Finance will also receive a recommendation in support of the sector, including through changes in law. Recommendations are to be consulted with a wide range of market and public sector entities.
The „Sandbox” module will in turn include consortium’s recommendations regarding well received foreign solutions that could support the FinTech sector, especially in the field of so-called regulatory sandbox. Sandbox would enable support for innovative solutions within FinTech by creating a friendly space where new users could test innovative services.
As part of the last of the components under the name „SupTech”, the consortium is to prepare a feasibility report on the implementation of innovative technologies into surveillance structures such as artificial intelligence and distributed ledgers to improve „existing supervisory functions” and present precise proposals for solutions to support the development of the FinTech Polish sector. An assessment will be prepared along with guidelines for the UKNF regarding the application of innovative technologies within financial supervision institutions strengthening current processes and supervisory functions. The UKNF is also to receive proposals for precise solutions to support the development of the Polish FinTech sector.
Undoubtedly, public institutions send a friendly signal to the payment services market in this way. We will carefully observe the development of the project.