The financial technology industry in Bulgaria has grown significantly, especially in popular service categories like online payment processing. If you are an investor in Bulgaria and are considering starting a firm in this sector, our team of company formation attorneys is here to assist. Legal assistance may speed up the process of setting up a firm and ensure that it complies with all applicable legislation, which is particularly important for international investors.
Most of Bulgaria’s IT development centres are located in the cities of Sofia and Plovdiv, making those two cities excellent choices for setting a company. While Bulgaria’s fintech industry is still in its infancy, it is evolving in exciting ways, led by the country’s younger generation of coders who are developing novel approaches to banking and finance. It’s here that the significance of fintech legal advice comes into play.
As more and more consumers embrace the convenience of mobile phone payments and e-commerce thanks to reliable internet access in Bulgaria, the payments sector is expanding rapidly.
What is Bulgaria’s FinTech industry?
Fintech firms in Bulgaria primarily provide digital payment solutions, but entrepreneurs also have opportunities in many other areas. Our Bulgarian business formation attorneys discuss many potential markets for fintech below:
- Payments may be made online or in person using the same convenient and secure digital wallets offered by today’s cutting-edge payment processing services.
- Services related to obtaining a loan include streamlined approaches to filling out loan applications, as well as automatic loan approval through user-friendly websites and mobile apps.
- Digital solutions for a more intuitive investment platform that offers safe investment choices and returns that are higher than those for most investment instruments in general; investors can tailor their experience with the platform to their specific investment goals, and an automatic investment feature is available.
- Cryptocurrency includes both digital currency wallets and trading sites where it may be traded for conventional money.
A quick survey of the Bulgarian fintech industry reveals that the vast majority of players in the space provide some variation on services linked to money transfers and loans. The list continues with insurance, expense monitoring, fraud detection, and risk management; cryptocurrency-related services; trading platforms; and personal financial research.
The banking industry in Bulgaria is receptive to the innovations brought forth by the country’s burgeoning fintech sector. Many have already begun introducing novel approaches to their building needs. The positive reception that fintech receives from investors, financial institutions, government organizations, and end users bodes well for anybody considering starting a fintech firm in Bulgaria.
If you’re thinking about Bulgaria company registration, Fintech Harbor Consulting’d love to hear from you. Fintech Harbor Consulting attorneys have extensive experience in these matters and can assist you in a number of ways. There is aid available for things like finding a place to live and getting your residence permit renewed before it expires.
Fintech Harbor Consulting immigration attorneys are here to assist you in obtaining a Bulgarian resident visa. To facilitate your move here as quickly as possible, they can help you choose a suitable visa and complete the necessary paperwork. Get in contact with Fintech Harbor Consulting so that their experts can guide you in choosing the appropriate visa.
