The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Fintech

Banks and fintech are best of frenemies in CEE

Banks in emerging Europe are touting their fintech programmes and credentials, but is the enthusiasm reciprocated by the startup community?


behind-back-Brutus-istock-780.jpg



 

CEE FINTECH FOCUS       

The last two years have seen a seismic shift in the relationship between banks and fintechs across the globe, and central and eastern Europe is no exception.

Where until recently fintechs were boasting of their ability to put banks out of business and banks were viewing the newcomers as dangerous disruptors, today both sides are starting to appreciate the benefits of working together. 

“Fintechs have realized that it’s not that easy to kill a bank,” says Michal Smida, founder of Czech e-commerce credit provider Twisto. “In our region banks are doing a pretty good job, and people like them. And none of the fintechs can offer the full service to clients that banks can.”Tudor Stanciu, co-lead of Fintech Camp in Bucharest, says most startups in Romania have accepted that collaboration rather than competition is the way forward. 

“Dealing with other people’s money is a very sensitive business, and you need the level of trust that traditional brands have,” he says.





You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree