FinTech company Qulix Systems now featured on Belarus' financial technology map
Belarus, a small Eastern European nation, is making strides in the financial technology (FinTech) sector. The first stage in analysing the activities and development of the Belarusian FinTech market is the FinTech map, a comprehensive resource developed by FTh and BEROC using data from open sources.
A FinTech-Friendly Environment
Belarus is actively developing its regulatory framework to support fintech innovation. The National Bank of the Republic of Belarus (NBRB) is drafting rules to enable crypto payments, aligning with broader fintech trends and potentially attracting more investment into the sector.
The Hi-Tech Park, a crucial hub for tech companies, offers favourable conditions for IT and fintech development. This could be beneficial for companies like EPAM and IBA Group, known for their IT and software development capabilities.
Global FinTech Giants in Belarus
Although specific recent developments for companies like EPAM, IBA Group, Kyriba, and SoftClub in Belarus are not detailed, their presence in the country's expanding technology sector is significant.
EPAM, a prominent global IT company with roots in Belarus, provides a range of software development services, which may include fintech solutions. IBA Group, similar to EPAM, is known for its software development and IT services, which could be leveraged in the fintech sector.
Kyriba, a well-known treasury and risk management company, could be benefiting from Belarus's fintech-friendly environment if it has operations in the country. SoftClub, though not specifically mentioned, any IT or software development company in Belarus could potentially capitalize on the growing fintech landscape by offering specialized services.
Fintech Trends and Opportunities
The fintech industry is experiencing rapid growth globally, driven by technologies like AI and mobile-first experiences. Belarus, with its supportive regulatory environment, could be an attractive place for fintech companies to establish or expand operations.
The integration of cryptocurrencies and digital payments into Belarus's financial system could create new opportunities for developers of fintech products. Companies operating in Belarus could leverage these opportunities to develop innovative financial solutions.
Emerging FinTech Projects
New projects in the payment services sector include BERLIO, a cashless payment system with e-money, O-plati.by, a QR code payment and transfer system, and E100, a project for issuing special fuel cards for cargo companies.
The segments "Scoring/Debt Settlement" and "Online Accounting" have seen the emergence of new products. The map showcases changes and updates in the Belarusian FinTech market, including newly-created FinTechs.
The creators of the FinTech map allocated a special segment, "Developers of Software Products for FinTech", for companies that offer custom development of FinTech solutions. The map recognizes local companies such as EPAM, IBA Group, Kyriba, SoftClub, etc., for the first time.
The latest version of the Belarus FinTech Map, version 1.3, has been developed. Payment services remain the most popular sphere in the Belarusian FinTech market. One of the most interesting projects in this sphere was the launch of Finstore, an investment online platform. This year, an increase in the number of FinTech product developers has been observed.
The map was developed by experts from the FinTech hub "FTh" and the Center for Economic Research "BEROC". The second direction in the Belarusian FinTech market is investment Internet platforms, including cryptocurrency trading platforms. The financial portal myfin.by has been introduced as a marketplace for financial products, not just a news media.
Many Belarusian IT companies create products for foreign customers, and such tech solutions are not represented on the Belarusian market while being rather popular in other countries. New players in the Belarusian FinTech market are held back by the small size of the market.
The FinTech map was divided into components in a similar way to FinTech maps of other countries, with the account taken for the situation in Belarus. Our banks have started using ApplePay, in addition to SamsungPay and Garmin Pay. Despite the small size of the Belarusian market, the country's evolving fintech landscape offers potential opportunities for these companies to develop and expand their financial technology offerings.
- The National Bank of the Republic of Belarus's draft rules for enabling crypto payments align with broader fintech trends, potentially attracting more IT companies like EPAM and IBA Group, known for their IT and software development capabilities, to the fintech sector.
- Belarus's supportive regulatory environment, driven by technologies like AI and mobile-first experiences, could attract fintech giants such as Kyriba and SoftClub to establish or expand operations in the country, capitalizing on new opportunities like the integration of cryptocurrencies and digital payments into the financial system.
