[Public Voices] Polish Advanced Technology Expected to Create Synergy with Korea

[Asia Economy] Currently, Poland is actively advancing the development of new technology industries. Polish companies in fintech (finance + technology), cybersecurity, drones, game development, and medical devices and equipment boast top-quality services and products. Many of these companies are looking for partners and business operators in the Korean market.

In recent years, the founding and international market expansion of Polish cybersecurity companies have grown remarkably. There are currently more than 100 Polish companies specializing in cybersecurity. These include companies with over 30 years of experience as well as startups focusing on research and development. Polish companies operate in various cybersecurity fields such as data security, ID access management, infrastructure protection, integrated risk management, application security, cloud security, network security equipment, security software, and other information security software. Not only universities but also large public institutions, private companies, and the government utilize their technologies to solve cybersecurity issues.

Fintech, or financial technology, is an economic sector that applies innovation to modern information technology and financial services. The global fintech sector is at a turning point. Analysts predict that by 2030, the global fintech sector’s annual revenue will reach $500 billion (approximately 644 trillion KRW), developing at a pace three times faster than the traditional financial sector. Poland is a country showing significant growth in the fintech sector and is known as the source of many interesting fintech solutions. It is also recognized as a suitable place for pilot development of innovative solutions in the financial industry. Currently, there are more than 250 fintech companies in Poland. According to experts’ estimates, Poland’s non-bank fintech sector employs about 50,000 people and generates approximately $134.5 million (about 173.3 billion KRW) in annual revenue.

The Polish fintech industry is dynamically developing through the collaboration of numerous creative startups and the banking sector. Many companies in the Polish fintech market focus on electronic payments, software, or financial management. API technology related to the implementation of the European Union’s PSD2 directive is the most widely used. About half of Polish fintech companies handle data science and big data, and there is also intensive development of solutions for identity verification.

It is noteworthy that while Polish banks are investing in new fintech solutions, Polish fintech companies are ready to participate in such collaborations. Polish banks have often shown an open attitude toward experimenting with new services and actively cooperating with tech-savvy partners. These collaborations have proven to be very beneficial.

Many foreign companies have invested in Poland. Poland’s geographical advantage of connecting Eastern and Western Europe makes it a highly preferred country for investment. The fintech and cybersecurity sectors are linked with manufacturing, logistics, healthcare, education, trade, finance, and securities fields. Therefore, Poland will be a good opportunity for companies developing related fields in various industries, software, and services.

Arleta Brzozowska, Counselor and Political-Economic Chief, Embassy of Poland in Korea