5 reasons why fintech is booming in Romania.
Over the last few weeks here at Kuarix we have been excited to welcome onboard a number of innovative Romanian companies and we look forward to work with our new clients over the months and years to come to help them to develop their payment and exchange strategy. Based in our Barcelona office we have a team specifically focusing on the development of the Romanian market led by our COO Paul who is originally from Romania and has been based in Spain for over 10 years.
We believe that there is a great opportunity for Romanian companies to take advantage of the recent surge of fintech offering that challenges the services provided by the traditional banking system. According to Statista.com a statistics portal which monitors a number of business sectors. In Romania Total Transaction Value in the "FinTech" market amounts to mUSD 3,799.8 in 2016 and will increase to mUSD 7,825 by 2020.
Here are 5 reasons why:
#1 Fastest growing economy in EU
Romania is becoming one of the fastest growing outsourcing destinations in Central and Eastern Europe, which has helped it to become the fastest growing economy in the EU in 2015 followed by Poland and Slovakia Romania is an outsourcing hub for IT, contact centres, research programs, BPO. The new era of outsourcing focuses more on cost effectiveness rather than lowest cost. Read the article in bloomberg.com
#2 Innovation hub
The country’s troubled economic past has given rise to an enforced entrepreneurial culture of self-sufficiency and resilience, which has spawned a strengthening business sector, a wealth of technical skills and resources, and a flourishing start up community, Romania has centered its economic development around the principles of smart, sustainable and inclusive growth.
#3 Tech Hub
According to Forbes.com Romania has the highest number of technology workers per capita and almost 64,000 IT specialists, so that our country aims to become Europe’s start-up technology capital.
Romania boasts Young and motivated professionals with European values and a mastery of not only English but German, French and Italian as well, are a crucial part of Romania's appeal. a lot of developers and many of them have gained significant experience building software for US and European banks and are now utilizing experience in Fintech startup scene.
#5 Room to grow
It seems clear that eastern and European fintech has up to now been more focused on cyber-security and big data: providing informational changes to the way money is handled by institutions meaning that there is plenty of opportunity for payments and financial exchange.