site.btaNon-banking Financial Sector at “Very Advanced Stage” in Preparing for Euro Changeover

Bulgaria’s non-banking financial sector is in the home stretch in preparing for the adoption of the single European currency, Financial Supervision Commission (FSC) Chair Vasil Golemanski told BTA in an interview. Elected to the top post in FSC on March 27, Golemanski also spoke in the interview about FSC’s future, saying that the commission will work to become more authoritative and transparent and will carry on with the digital transformation.

“The preparations of the non-banking financial sector for the euro changeover are at a very advanced stage,” Golemanski said. He cited an FSC poll which shows that many of the entities under its control have already taken concrete measures to adapt to the new currency. “Most respondents in the poll say they have drawn up internal plans for the transition, have updated their information systems and have started communication with clients and partners about the forthcoming changes,” he said.

Discussing the FSC’s future development, the new chief said the commission will focus on strengthening its position as an authoritative and transparent regulator. “We will prioritize maintaining active and open dialogue with all stakeholders, the general public as well as the entities which we oversee. This will be a key step forward in boosting trust in the institution and in the efforts of its team of highly motivated professionals and experts,” he argued.

As another central priority in his work, Golemanski singled out digital transformation. He said: “Modernizing IT infrastructure and upgrading FSC’s Integrated Information System will be among the principal steps forward in enhancing effectiveness and transparency.” He vowed that strengthening cybersecurity will be an integral part of these efforts, with an eye on protecting sensitive information and managing the risks in the digital environment.

According to the interviewee, the non-banking financial sector in Bulgaria remains stable and will be oriented towards growth, supported by regulatory improvements and technological innovation.

He expects that the capital, insurance and social security markets will continue to adapt successfully to the digital transformation, will keep aligning themselves to EU law and will meet changing consumer demands. The capital market will expand its investor base and will improve its integration into the EU financial system. Pressing ahead with reforms, digitization and market liquidity is pivotal for bolstering the sector’s potential, Golemanski said.