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Petar Dzhelepov, Member of the Financial Supervision Commission, took part in the "Annual Report of the Bulgarian Fintech Association"


Mr. Petar Dzhelepov, Member of the Financial Supervision Commission (FSC), took part in the "Annual Report of the Bulgarian Fintech Association" for 2021 with a statement on fintech regulations in the non-banking financial sector in Bulgaria and the regulator’s strategy for monitoring financial innovations. The Report is dedicated to the investments in the sector and the place of our country in Europe, as well as in the world.
As part of the Report Mr. Dzhelepov analyzes and outlines the successful development of the fintech sector in Bulgaria, the high technological progress in the non-banking financial sector, the regulations of these important innovations and digitalizations, the Strategy for monitoring the financial innovations for the period 2021-2024, the introduction of Innovation hub and its further development, as well as the overall future enforcement by the Financial Supervision Commission of the fintech regulations.
One of the main goals of the FSC is the introduction of more innovations in the insurance, investment and pension insurance sector in Bulgaria, and at the same time, to ensure an ultimate protection of consumers’ interests.
 "In order to keep up with the new digital environment and the expectations of both participants and end users, we must constantly assess and, where necessary, adjust the regulatory framework to adequately deal with changed risks and business models. With purpose to ensure and adequately evaluate the new product and business models, we regularly conduct surveys on how innovations work and how innovations are applied and accepted among the supervised by the Commission companies. In addition, the FSC organizes and conducts educational programs aimed at increasing the financial literacy of consumers of financial services. "- said Mr. Dzhelepov.
Furthermore, in response to the digital financing package adopted by the European Commission, the Financial Supervision Commission pursues a consistent innovation policy and adopted a Strategy for Monitoring the Financial Innovation for the period 2021-2024. Based on the previous strategy the document outlines in a long-term plan the direction in which the FSC will commit to develop its supervisory activities and to implement the harmonization of the national regulatory framework and practices in the field of financial innovation at EU level.
 
Mr. Dzhelepov's statement on FinTech regulations in the non-banking financial sector is accessible here.
 
The entire 2021 Report of the Bulgarian FinTech Association is published here.