As a continuation of the consistent policy pursued by the Financial Supervision Commission with regard to innovation through the new Financial Innovation Monitoring Strategy for the period 2021-2024, the FSC has started an active partnership with the Bulgarian Fintech Association (BFA) and representatives of business organizations with expressed interest in stimulating the development of financial innovations in the non-banking sector.

At a special meeting initiated by the Commission, the main lines of action were outlined and concrete steps were set out to support the development of innovative solutions in the non-banking financial sector in Bulgaria:

 Development of financial literacy of consumers of financial services and investors through the participation of experts from the Commission in master’s programs and training innovation camps with students.

 Participation of regulator representatives in local and international webinars of BFA.

 Regular meetings with fintech companies to provide feedback on the assessment of potential risks to both the market and consumers, as well as potential actions and measures to minimize the risks and maximize the benefits of growing interest in innovative financial products and / or technologies, while in compliance with regulatory requirements.

 Promoting and encouraging the use of the already operational Innovation Hub, which provides quick and easy access to information for start-ups and on issues and cases of a regulatory and legal nature.

 Research and preparation for the introduction of a regulatory Sandbox for the non-banking financial sector which will allow FinTech companies to test their products in a real and secure environment, and the supervisor to monitor this process to optimally adapt regulations to digital finance.

 Joint discussion and adaptation of the new regulatory framework for crowdfunding, which is considered as an established form of alternative financing for start-ups and SMEs. This task will be related to the supervision of a digital platform designed to connect or facilitate the connection of potential investors or lenders with companies seeking financing.

In pursuance of the Financial Innovation Monitoring Strategy for the period 2021-2024, the Financial Supervision Commission, at the invitation of the Bulgarian National Bank, took part in an organized online event by the National Bank of Lithuania on “Regulatory sandbox”. The meeting focused on sharing good practices in building innovative financial products. In order to minimize the risks and build well-functioning services in a real business environment, through the much-needed reliable and secure support from the relevant national supervisory authority.

The FSC continues to build on what has been achieved so far in terms of creating an innovation-friendly business environment, with an emphasis on the need for collaboration between regulators and business to create a developed fintech ecosystem.

The event program for 2022 builds on the achievements of the Financial Supervision Commission so far in support of fintech solutions and their entry into everyday life.