- Visa, one of the world’s leaders in digital payments, joins the Future Finance Poland initiative, which actively supports the development of a financial center in Poland and its promotion beyond the country’s borders.
- Visa will engage in a specific initiative focused on the development of Open Finance, one of the most promising areas. Key aspects of this initiative include data, creating choice opportunities, and enhancing consumer experiences.
Visa, one of the world’s leaders in digital payments, joins Future Finance Poland, engaging specifically in the area of Open Finance. Future Finance Poland is an initiative aimed at accelerating the development and increasing the competitiveness of the Polish financial sector, as well as promoting it abroad. This may translate into improving Poland’s position on the global map of financial centers.
Visa will particularly engage in the area of Open Finance (FIDA), one of the most promising fields for the development of modern, data-driven finance. It focuses on data, choice opportunities, and consumer experience while maintaining a high level of security. Visa aims to support the Polish banking and financial sector in facing challenges and leveraging opportunities arising from openness to data coming from outside traditional banks—such as data from investment companies or credit bureaus. The benefits of Open Finance include increased market competition, innovation, and easier access to financial products. On the other hand, significant challenges can be spotted, especially in technical, supervisory, and security aspects. The goal is to enhance user convenience, provide a broader range of available financial solutions, and further improve their security.
The market joins forces to develop a next-generation financial center
Open Finance is one of the elements of Future Finance Poland, an initiative actively supported by the public sector. Its goal is to develop coordination and cooperation mechanisms that enhance the growth of the Polish financial center. The planned actions focus on regulatory, technological, and business areas. The initiative also includes promoting the Polish financial center internationally and supporting the global expansion of Polish entities in the financial market. All these efforts significantly aim to improve Poland’s position on the global map of financial centers. The sponsor of Future Finance Poland is the FinTech Poland Foundation
– Poland’s highly skilled workforce and vibrant IT sector make it an ideal location for us to develop new payment solutions and seek innovations, that can change the way we pay, accept transactions, send funds, or manage finances. The entry of new generations that expect a more seamless world, the consumerization of money movements, and economic changes make it an exciting time to be doing what we do, helping our clients and partners navigate these changes and prepare for this new age of commerce. Only those who adapt quickly will be successful in meeting the needs of this next generation – says Adrian Kurowski, General Manager Poland, Visa.
The fact that Visa has opened open a Global Technology and Product Hub in Poland shows that the company sees great potential in the market. The new Hub will be the first of its kind for Visa in Central and Eastern Europe. It will house as many as 1,500 new tech and product hires over the next few years, as Visa invests worldwide to support its 24/7 development model for innovation and drives continued rapid growth in digital commerce and payments.
– Nowadays financial centers are built on cutting-edge technological solutions. Today, it’s impossible to discuss finance without considering technology. The significant role of the financial and technological sectors in a country’s economic development also cannot be overlooked, especially when establishing its international position. That’s why we’ve created Future Finance Poland, following the example of developed financial centers and aspiring ones. Our task is to effectively strengthen Poland’s significance as a financial hub. We believe that both organic efforts to optimize sector conditions across various levels and actions promoting Polish financial institutions and tech companies abroad will yield tangible results in the near future. I’m pleased that Visa, a long-standing supporter of the Polish financial market, which actively engages in various initiatives, recognizes the potential of Future Finance Poland and understands its immense importance. Together, we shape the future of this sector – says Paweł Widawski, leading Future Finance Poland.
Visa has been at the forefront of digital payments for more than 60 years, operating in Poland since 1995. The first payment card in Poland was a Visa card and since the early digital days, Visa innovations have underpinned many of the ways that consumers and merchants pay and are paid. With Visa as a driving force in digital payments, Poland became the first market in the world to achieve 100% contactless availability. Insights from the Polish market have also inspired the creation of an innovative method of card payment in online stores – Visa Mobile. Poland has been an important country for Visa for years. That’s why, right here, the company often implements new solutions or engages in groundbreaking sector projects, such as the Cashless Poland Foundation, or the Cybersecurity Education Project, organized by the Warsaw Institute of Banking.
