On July 12, as part of the “Fintech in Figures 2023” online event organized by the Ukrainian Association of Fintech and Innovation Companies, a panel discussion took place to shed light on the challenges faced by the fintech sector in Europe. The online discussion brought together experts from various countries to share their insights and experiences. Among the panelists was Stefan Nistor, Founder and Coordinator of Fintech Moldova, who offered his perspectives on the challenges encountered by the fintech sector in Moldova.
The panel discussion, hosted by Rostyslav Dyuk, Chairman of UAFIC, aimed to address the key challenges facing the fintech market in 2023. The insightful dialogue explored several crucial issues, including the regulatory framework, lack of regulatory guidelines for fintech companies, talent scarcity, cyber security risks, profitability hurdles, and limited access to funding.
Stefan Nistor, highlighted the challenges specific to Moldova and emphasized the need for proactive measures to overcome them. One of the primary obstacles identified by Nistor was the regulatory framework that currently is adapting to foster fintech growth in the country. He stressed the importance of establishing clear and comprehensive regulatory guidelines that foster innovation while ensuring consumer protection and financial stability.
Additionally, Nistor pointed out the scarcity of local talent in the fintech sector, making it challenging for companies to find skilled professionals. To address this issue, he emphasized the need for collaborative efforts between educational institutions, industry stakeholders, and the government to nurture a robust pipeline of fintech talent through specialized training programs and incentives.
The discussion also delved into the critical issue of cyber security risks. Nistor emphasized the need for robust security measures to safeguard sensitive financial data and protect against potential breaches. He highlighted the importance of promoting cybersecurity awareness and implementing regulations to ensure the trust and confidence of both consumers and investors.
Furthermore, Nistor acknowledged the difficulty faced by many fintech startups in reaching profitability. He emphasized the need for sustainable business models and advised startups to focus on long-term growth strategies rather than pursuing short-term gains.
Regarding access to funding, Nistor stressed the importance of establishing a supportive ecosystem that provides adequate capital to fuel fintech innovation. He highlighted the role of venture capital firms, angel investors, and government-backed initiatives in providing the necessary funding and investment opportunities for fintech companies.
The “Fintech in Figures 2023” event, organized by UAFIC with the support of NovaPay, successfully shed light on the challenges and opportunities in the fintech market. The insights shared by Stefan Nistor and other panelists provided valuable guidance and stimulated discussions on how to navigate the complex landscape of the fintech industry in the region. With the collaborative efforts of stakeholders, it is hoped that the challenges identified during the panel discussion will be addressed, leading to a vibrant and thriving fintech ecosystem in Moldova.
The lists of panelists included:
- Oleksii Ruban, Director on innovations NovaPay
- Maria Staszkiewicz, President of the European Digital Finance Association (EDFA)
- Zarina Odinaeva, Program Lead for Digital and Credit Infrastructure Programs, Europe and Central Asia, IFC
- Georgi Penev, Director of the Bulgarian Fintech Association
- Taras Kyrychenko, Member of the Supervisory Board Nova Post
- Stefan Nistor, Founder and coordinator of Fintech Moldova
- Rostyslav Dyuk, Chairman of the Board of UAFIC