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Fintech in the CEE Region

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Fintech in the CEE Region 6 December 2016 In Partnership with Deloitte Coordinated by Deloitte Poland in co-operation with regional offices: Deloitte Austria Deloitte Bulgaria Deloitte Croatia Deloitte Czech Republic Deloitte Hungary Deloitte Romania Deloitte Slovakia Deloitte Slovenia FinTech in CEE 3 Table of contents Introduction 5 Analysis of FinTech markets 74 Executive summary 6 in CEE countries FinTech market size 75 FinTech - definition and taxonomy 8 Business opportunites 213 FinTech – key global indicators 9 FinTech taxonomy 11 Conclusions 223 General overview of CEE countries 12 Authors 233 Key economic indicators 13 SWOT analysis 14 Sources 252 Overview of established financial 24 sectors in CEE countries Glossary 254 Key financial indicators 25 Banking groups in CEE 26 Insurance groups in CEE 27 Financial sectors overview 28 FinTech in CEE 4 Foreword Financial Technology is one of the most innovative, increasingly We have commissioned this report highlighting FinTech important and potentially the most rapid change in financial opportunities in nine Central and Eastern European countries services revolutionising the way financial services firms (Austria, Bulgaria, Croatia, Czech Republic, Hungary, Poland, operate and transforming debt and equity markets, payments, Romania, Slovakia and Slovenia) as we believe it will provide credit assessment, regulatory compliance, personal finance sufficient depth of information on FinTech, in terms of the and many other facets of financial services. subsectors and overseas markets, to attract UK firms and give them a clear steer where to focus their activity to exploit these United Kingdom, a world leader in financial and professional opportunities. services, is also fast becoming an important FinTech capital, providing a fertile environment for start-ups and entrepreneurs We hope this report will be used by FinTech companies, with increasing FinTech activity taking place across the investors and those in the FinTech ecosystem to find out more financial services sector. FinTech has now grown from its about business opportunities in Central in Eastern Europe, do disruptive roots into a thriving industry in its own right – business in the region and further support this vibrant and generating £6.6 billion in revenue in 2015. dynamic sector in the UK. Mark Garnier Parliamentary Under Secretary In Central and Eastern Europe, the UK is seen as a source I welcome this report and its analysis and insights offered of State at the Department of innovation and this creates significant opportunities for and hope it will be helpful to all stakeholders across the FinTech for International Trade innovative UK companies in many different areas such as sector ensuring the UK’s continued growth as the leading payments, data & analytics, cybersecurity or capital raising FinTech hub. & personal finance. The UK Government is committed to supporting FinTech companies, creating growth as well as further strengthening our position as the world’s pre-eminent financial services centre of innovation. Working with colleagues across government, the Department for International Trade (DIT) are leading efforts to support UK-based FinTech companies seeking to internationalise their business. FinTech in CEE 5 Introduction Although some may think that FinTech is just another The CEE FinTech markets proved to be differentiated across the “buzzword”, we believe that technology creates the possibility countries not only based on their size, but, more importantly, to dramatically reshape finance as we know it. Digitisation by the dominating technology and the propensity to adopt is taking place in all areas of business and life, transforming innovation. Some, potentially game-changing technologies services, and creating new ones accelerated by new FinTech have not reached the CEE market yet, however, they are companies. definitely coming (excellent examples include blockchain and IoT in banking). The undisputed black horse in each of Deloitte, on behalf of the Department for International Trade the nine markets is the payments subsector, with significant performed a review of the FinTech market in the Central development and rapid adoption of latest technologies. & Eastern European (CEE) region. The purpose of our report, a pioneer research of its kind in this part of the world, is to We see a strong potential in the entire CEE market. provide an overview of financial services industry, estimate New entrants – incumbents and disruptors, both local and the size of the FinTech market and illustrate potential business international – have a chance to succeed in providing innovative opportunities for FinTech companies in nine CEE countries: solutions to either the financial sector itself or directly to end- Austria, Bulgaria, Croatia, Czech Republic, Hungary, Poland, users. We have pointed out both strengths and weaknesses, Daniel Martyniuk Romania, Slovakia and Slovenia. as well as opportunities and threats for each analysed country. Director And, in dedicated chapters, we have summarised the current Deloitte Poland For the purpose of the report, we prepared a FinTech market landscape, future market outlook and key barriers for aspiring taxonomy that covers both established financial technologies entrants. in banking, insurance and asset management & capital markets, as well as emerging financial technologies in We trust that this report will contribute to the broader debate such areas as payments, capital raising & personal finance, regarding the direction of FinTech development across CEE. cybersecurity, data & analytics and other software. Not all eight While some in the financial services industry see FinTech subsectors are covered for each of the nine countries analysed. companies as a threat, and others see them as opportunities, We have focused on those subsectors in each of the reviewed we believe that a model of coopetition between established countries where we have noted interesting developments. players and new entrants will prevail. We have also estimated the size of the FinTech market in each CEE country. In total, the FinTech market in the CEE region is worth over EUR 2,2 bn – a value comparable to assets of a medium-sized bank in Croatia. However, we believe that this amount will grow significantly as the future of modern finance is coded in technology. FinTech in CEE 6 Executive summary CEE FinTech market size The estimated size of the FinTech market across the nine CEE countries featured in this report is EUR 2.2bn 856m 190m 73m 588m 83m 121m 119m The term "FinTech" refers to IT solutions dedicated to the financial sector, covering software technologies provided by any established or emerging entity. Here, we define 92m the financial sector as consisting of eight sub-segments: banking, insurance, Asset management and capital markets, capital raising and personal finance, payments, data and analytics, cybersecurity and other software. 39m FinTech in CEE 7 Executive summary FinTech trends in CEE countries Established technologies Emerging technologies Barriers and enablers Innovations for the banking sector provide the greatest share of The payments area is a hot topic due to the launch of numerous Key barriers to market entry are related to demand, regulation and FinTech solutions in all CEE countries. Such solutions are highly breakthrough solutions, particularly those relating to various competition. Launching FinTech solutions is usually acceptable developed in virtually all countries (internet and mobile banking payment methods such as contactless and mobile payments, host to the financial authorities, although special requirements or and contactless cards, for example). Although most solutions are card emulation and cryptocurrency. The leadership role belongs limitations might apply (such as the use of the cloud or the legal developed in-house or provided by established vendors, there is to Poland and the Czech Republic, where sophisticated solutions status of the financial entity). Generally speaking, countries which room for emerging FinTech providers. include inter-banking m-payments schemes and robots are are less economically developed and are characterised by limited employed in processing payments. The upcoming implementation domestic demand tend to be less attractive in terms of FinTech of the Directive on Payment Services II may change the payments potential. A favourable business environment (with low tax rates In most countries, innovation in insurance is still far behind market in all countries, however. and competitive labour force costs) might attract young companies the banks. There is a focus on improving distribution channels seeking success in CEE. (especially smartphone apps and gamification) and launching new services based on telematics. Capital raising and personal finance is gaining momentum in all CEE countries, except for Hungary where such services are A vibrant start-up community that facilitates the matchmaking the preserve of the banks. Consumers use personal finance process between solution providers and the demand side may The asset management sector is somewhat conservative. Most management (PFM) tools, based both on in-house developed accelerate the progress of FinTech development. Financial financial institutions use systems provided by traditional vendors solutions and off-the-shelf solutions delivered by start-ups. The forums, incubators and industry fairs are effective ways to spread (such as Murex and Kondor+). On the other hand, specific P2P lending market is quite well developed,
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