Today, 27th of May, DevStyleR hosted a webinar regarding the fintech industry – “Fintech: The Rise – The New Digital Reality”. The ones who took part in the webinar were George Manolov, Business Developer at NEXO; George Penev, Director of Bulgarian Fintech Association, Stoycho Nedev, CTO and MoB of David Holding Company, Fintech Enthusiast, Revolut Ambassador; Constantine Dzhelebov, Co-founder and CEO of Phyre Bulgaria; Boris Ilinov, Chief Financial Officer at Klear. They discussed some interesting topics and answered the questions the audience asked for around two hours and a half.
To begin with, they described their points of view about the fintech industry. Fintech is a financial industry, needed by people the way they want it to be. Fintech offers services that are always available and work efficiently and fast.
Tech companies stepped into the market vastly and changed the entire vision of the marketplace in the industry.
The difference between Fintech and banks
Banks were seen as “institutions” for a while, which isn’t completely true. In fact, Fintech originates from banks. Banks have guarantee funds and fintech doesn’t.
Many global key fintech companies integrate cryptocurrencies into their applications, such as Revolut and Square. Cryptocurrencies satisfy the needs of the customers in a new way and solve issues in an available way. There were mixed feelings about this topic and there are two key opinions: the first one is an advice from Bill Gates is to not get involved with cryptocurrencies if you aren’t wealthy enough; and the second one is that we should all be acknowledged about cryptocurrencies and their use.
Commonly used software technologies in the sphere
The most frequently used software technologies in fintech are Blockchain, Artificial Intelligence and Java, although Fintech companies don’t focus that much on IT.
Will the volume of investitions in the Fintech industry change and how?
The volume of investitions has been constantly changing. It will most probably increase, as in the past few years it kept increasing. Fintech companies are of huge interest to the investors.
What kind of employees do Fintech companies look for?
Programmers and engineers are always valued and appreciated.
How to start a Fintechstartup and what rules to follow?
The most important thing is to find potential clients as quickly as possible.
When it comes to the Fintech sphere, where does Bulgaria stay compared to other European countries?
Compared to the Balkan and Southeast countries, Bulgaria maintains a very good level and has a potential to become a leader in the region.
The webinar was of a great interest and attracted many viewers, who asked their questions.