europos has been selected to be part of the Lord Mayor of London’s technology delegation to Eastern Europe. We are excited to be flying the flag for UK RegTech in the Czech Republic and Poland from the 27-28th June.
Central Europe is quickly becoming known for its growing number of innovative FinTech companies working in the banking and payments spaces. In Poland, PayU and Blue Media are especially well known for modernizing banking services with mobile banking Mobile banking is used by 7 million people in Poland and is set to increase dramatically over the next few years. Strong support from the government for integrating new technology into finance makes this an especially attractive market to scale new business ideas. And it’s not just plucky startups pioneering the latest developments in FinTech, Poland’s most popular mobile payments service, BLIK, was founded by six of the country’s biggest banks who set consumer demands and market trends at the top of the agenda to stay competitive.
In the Czech Republic companies like Twisto are making it easier to access credit by offering smart solutions for online shopping and payments. Additionally, the Czech Republic is one of the fastest growing Blockchain hubs in Europe, with eight Bitcoin ATMs in Prague alone. The Czech Republic also has a high number of IT specialists in their working population (at 4.1%) and with strong projections for GDP growth in the coming years this market is equally as attractive for tech start ups as Poland.
One hurdle FinTechs in both markets need to overcome is complex regulations at both a national and international level. The 4th Money Laundering Directive which must be implemented Europe-wide by 26th June has been integrated into Polish and Czech law. The Directive presents fresh anti-money laundering and counter terror financing (AML/CTF) challenges for FinTechs in these markets, who may already feel that their compliance departments are under a lot of pressure. New requirements such as screening for domestic PEPs and changing scenarios of when Customer Due Diligence is required means that companies will really benefit from agile, flexible RegTech screening solutions , such as the Automated Customer Onboarding & Monitoring solution by europos.
We help firms make intelligent choices when complying with regulations relating to sanctions, money laundering (AML) and terrorist financing (CFT). By using Artificial Intelligence and machine learning we can produce higher quality AML risk data on individuals, organizations and associated entities. Our solutions enable companies to improve how they onboard and monitor clients, screen payments and monitor transactions by reducing false positives and speeding up processes, all delivered by flexible modern APIs.
If you would like to meet europos whilst we’re on this mission please email contact.uk@europos.co.rs
europos can also be found this week at Money2020 Europe in Copenhagen, Denmark – drop by Kiosk 32 to find out how we help financial services companies fight financial crime while reducing the burden of compliance.