It’s hard to deny that fintech is no longer just a niche in the financial industry. Over the past few years, it has been taking the market by storm by finding new ways to make our money management easier than ever before. The Polish Financial Supervision Authority (KNF) has recently decided to make things official by dedicating a whole new department to the Fintech sector.
According to the statement of KNF’s Chairman, Marek Chrzanowski, the new Financial Innovation (FinTech) Department will focus on the newest technologies in the world of finances.
Chrzanowski stated that the gradual changes to the KNF Office’s structure come from the need to increase its efficiency, which is in turn dictated by the dynamic changes of the financial market. This is why we need to guarantee the best method of ensuring security and guarding the proper functioning of the financial market – he added.
The establishment of the special department isn’t KNF’s first venture into the world of fintech. Last autumn, the authority had established a special Task Force dedicated towards researching the topic of financial innovation in Poland. Their work has resulted in a comprehensive report which signaled the need for dialogue between the supervisory authority and the entities operating within the sector.
Sometime after the report, as you may remember from our post from last month, KNF has launched their Innovation Hub Program. The project is still going strong, and offers consultations for companies operating within the fintech sector. Inquirers are able to get advice in regards to any questions they may have regarding any laws and regulations of the industry. KNF hopes to support the growth of the fintech sector through the program, by reinforcing security and customer protection.
Supporting the Polish Fintech sector has become a truly important value for the Financial Supervision Authority. Thanks to the new department of Financial Innovation, the subject will become etched into the scope of our activities – stated Chrzanowski.
For more information about KNF, check out their official website.