Financial services

Fintech Startups Are Going to Take a Lot of Banks’ Revenue

The global payment business, which covers everything from card payments to remittances abroad, will generate about $ 1.5 trillion this year, according to Accenture. But new players are entering the market, TechNews.bg reports. Now banks dominate the payments sector, but by 2025, when that market grows to $ 2 trillion, banks can lose $ 280 billion, or about 15% of the total payment revenue.

Bulgaria Is the Leader in the Number of Fintech Companies in Southeastern Europe

The total number of fintech companies in Bulgaria is 65, by which the country is a leader in the region of Southeastern Europe, according to the first of its kind report, prepared by the Bulgarian Fintech Association, writes TechNews.bg. In the last three years, the operating revenues of the fintech sector have doubled and the average growth of the industry on an annual basis is about 33.5%.

State NPE scheme to double in size

Bad loans worth 30 billion euros are being prepared for transfer to the asset protection scheme (APS) that the Finance Ministry is creating.

This is twice the original amount provided for, a development that highlights the government's resolve to tackle the problem of banks' nonperforming exposures.

NSSI: BGN 974.05 Is the Average Insured Income for the Country in July 2019

The average social insured income for the country for July 2019 is BGN 974.05, the NSSI announced.

The average monthly insurance income for the country for the last year is 945,00 BGN.

The determined average monthly social security income for the country for the indicated period serves in calculating the amount of newly granted pensions in August this year.

The Second Largest Software Company in Bulgaria Opens a New Office with 200 People in Sofia

The second-largest software company on the Bulgarian market - the international Paysafe, has opened a second office in Sofia, thus expanding its team. It is located in a business building, part of the Garitage Park complex, located in Bistritsa near the Ring Road.

Banks slash bad-loan stock by over 15 billion euros in a year

Greece's four systemic banks have reduced their stock of nonperforming exposures (NPEs) by 15.3 billion euros in the last year, as their financial reports at the end of June showed that their total NPEs stood at 78.8 billion, compared to 94.1 billion a year earlier.

This reduction is the outcome of loan restructurings and settlements as well as the extensive sales of loan portfolios.

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