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.
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%.
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.
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.
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.