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FinTech: at the interface of finances and technology
Companies operating in the FinTech industry are currently among the fastest developing businesses in the technological sector. By 2020, global investments in this sector will have grown to USD 46bn from the present USD 24bn. FinTech is not just a trend that slowly “flows into” Europe from the US. The country that is also gaining a lot from its attractiveness – both for the global players, and for the candidates seeking employment in finances – is Singapore, which is investing a lot in the growth of new technologies.
How does Poland fare when compared with other countries? Given the high level of innovation, and the economic growth, our country is perceived as the motive power for FinTech and is getting support from foreign investors, who are the driving force for businesses across Central and Eastern Europe. With the estimated value of approx. EUR 860m, the Polish FinTech market stands out with its innovative character in terms of banking and electronic payments, and companies keep striving to increase the range of these services. Revenues in this area – when set against the size of the local market – are relatively high. According to Forbes experts, “foreign investors should get used to Poland’s new normal”, and qualified candidates from all over the world will be attracted by the vast opportunities offered by the Polish technological sector. In the recent “Europe’s attractiveness” survey, Ernst & Young labelled Poland the region’s “investment magnet”. Our country has left the Czech Republic, Romania, Hungary, Ukraine, and Turkey far behind.
These data look promising through the optics of rising employment rates in the FinTech industry. It creates above all software for the finance sector, so companies will be looking for developers and data security specialists. Likewise, process automation experts should find it pretty easy to get a job. It is also worth noticing that Poland is the leader in Eastern Europe in terms of the supply of IT specialists; their skills are widely recognised in markets across the world, and they often opt for telecommuting, sometimes even in Silicon Valley.
New technologies in the FinTech sector
Experts predict that the revolution in finances will be connected to the development of breakthrough technologies, rather than with political changes, new laws, or globalisation. New technologies, such as blockchain, mobile portfolios, and robo-advisors will change the industry in a major way and will have an impact on desired competences of candidates.
Despite the firm position of the US in the FinTech start-up market, Europe is also on the rise, and Poland clearly stands out on the continent. The factors which make our country so very attractive for foreign investors include relatively easy registration of businesses, convenient tax regulations, and flourishing business infrastructure. Especially in the technological sector, Poland has been able to encourage many foreign investors to kick off with their investments there – from enticing start-ups to global players, such as Google.
The fact that new solutions keep mushrooming opens up large opportunities for Polish FinTech specialists. The series of services related to blockchain will require companies to employ experts in such areas as compliance, regulation/adjustment, and financial policy. The growing popularity of mobile portfolios will open the door to many start-ups and IT companies for programmers and mobile applications developers, as well as UX experience designers and big data analysts. As for robo-advisors, in this case, the ones who can count on the wave of new job opportunities will be mostly experts in human behaviour, robotics, and cybersecurity.