A new version of the Belarus FinTech Map is out. And we are on it for the first time, in the segment “Developers of Software Products for FinTech”.
The latest version of the FinTech map was developed by experts from the FinTech hub “FTh” and the Center for Economic Research “BEROC”. Map 1.3 showcases changes that have recently taken place in the Belarusian FinTech market and updates the information on some active companies/projects including newly-created FinTechs.
The past six months haven’t brought any substantial changes to the trends in the FinTech market, with payment services remaining the most popular sphere.
As for new projects, we would like to single out BERLIO (cashless payment system with the use of e-money), O-plati.by (QR code payment and transfer system) as well as E100 (project designed for issuance of special fuel cardы for cargo companies). Besides SamsungPay and Garmin Pay, our banks started using ApplePay.
The second FinTech market direction in Belarus is again represented by investment Internet platforms, including cryptocurrency trading platforms. One of the most interesting projects in this sphere was the launch of Finstore, an investment online platform.
The segments “Scoring/Debt Settlement” and “Online Accounting” saw the emergence of new products. In addition, the financial portal myfin.by was finally introduced not merely as a news media but as a marketplace for financial products as well.
But we are more interested in the third trend we currently observe — an increase in the number of FinTech product developers. This year we were recognized by the professional community for the first time and included onto the map neighboring such companies as EPAM, IBA Group, Kyriba, SoftClub, etc.
About the Fintech Map
The FinTech map was presented last September. It was developed by FTh and BEROC using data from open sources, including information about residents of the Hi-Tech Park in Belarus, their FinTech projects, official data from IT companies related to FinTech developments, information about FinTech projects maintained by banks and other players of the financial market. As the creators of the map underline, this project is the first stage in analyzing the activities and development of the Belarusian FinTech market.
In comparison to FinTech maps in other countries, we can see that there are no foreign FinTech companies on the market. New players are mainly held back by the small size of the Belarusian market.
The FinTech map was divided into its components in a similar way to FinTech maps of other countries and with the account taken for the situation in Belarus. For example, 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.
What is also important is that you cannot always obtain information about projects, for example, if they are being developed for a certain client (e.g. a bank) and require strict obedience to an NDA. As a result, the creators allocated the special segment “Developers of Software Products for FinTech” for companies that offer custom development of FinTech solutions.