In total, 21 FinTech companies, 13 banks and four law firms were involved in this project masterminded by FinTech Poland Foundation and Obserwatorium.biz consultants, with support from the Center for New Technology Laws at Warsaw University's Faculty of Law and Administration. The report sets out the nature of Poland's FinTech market and reviews its standing against a backdrop of international markets, looking not just at reputable institutions but reviewing start-ups. Special attention was paid to the barriers facing the market - technological, cultural, educational and, first and foremost, legal – the elimination, or at least the mitigation of barriers which are bound to have a fundamental impact on the development prospects for Poland's IT-based economy as a whole.

"Working on the report was simply fascinating, an opportunity to exchange ideas and experiences with all the major players in this fast developing market," said Dariusz Czuchaj, Senior Associate in the Intellectual Property, Technology and Communication Law Team at Dentons Warsaw. "The analyses confirmed the intuition that legal regulations are absolutely central to the development of the FinTech sector in Poland. It is particularly important to monitor successful international solutions and quickly introduce them into our legal system due to the fact that there are competitors here racing to attract FinTech businesses to set up shop in their country."

"The FinTech sector is special in that it requires holistic efforts to advance technologies, produce legal regulations and support fledgling businesses and organizations. Here at Dentons we are uniquely competent in all three of these areas, both in Poland and worldwide," added Michał Kordaczuk who heads the Dentons Poland Startup Program, part of the law firm’s global venture technology practice. 

"Responding to the merging market challenges, Dentons offers advisory in an ever expanding range of issues relevant to FinTech in Poland," said Marcin Bartczak, one of the Partners heading the Financial Market Regulations Practice at Dentons in Poland. "We are delighted to have had this opportunity to work with the leading lights in the sector, and proud to have been able to contribute our experience in the work to produce this report. We hope this publication will provide a strong stimulus to the development of a powerful financial innovations sector in Poland."

Full text of the FinTech report (in Polish) can be found on the website of Obserwatorium.biz

About Dentons

Across over 80 countries, Dentons helps you grow, protect, operate and finance your organization by providing uniquely global and deeply local legal solutions. Polycentric, purpose-driven and committed to inclusion, diversity, equity and sustainability, we focus on what matters most to you. www.dentons.com