Author: paweljagiello

Services of Igoria Trade S.A. on the Polish fintech map 2023

On June 15, 2023, another event from the Cashless Fintech Evening series took place at the Powiśle Power Plant in Warsaw, during which the premiere of the sixth edition of the Polish Fintech Map took place.

The map includes as many as three platforms operated by Igoria Trade S.A. the Trejdoo.com platform in the category of online currency exchange offices, IgoriaCard in the payments category and Klasomat in the category of services intended for managing personal finances.

Payments

The “Payments” category in which the IgoriaCard service is classified is still the most important part of Polish fintech. As reported by Cashless.pl,

“As many as 80 companies included in the Map provide various types of payment transaction services. They constitute over 20 percent. Polish fintechs.”

Cashless.pl

Online currency exchange

The “online currency exchange ” category in which the Trejdoo.com service is classified play a significant role in the financial sector, offering both individual customers and companies services enabling currency exchange at favourable rates. The key features of these platforms are:

  • Accessibility and Convenience: the platform works online, which ensures easy access and convenience of use. Customers can exchange currencies from the comfort of their home or office.
  • Competitive Rates: These platforms often offer more competitive exchange rates than traditional banks, which is made possible by lower operating costs and intense competition in the market.
  • Speed of Transactions: Digital currency exchange platforms usually allow transactions to be completed quickly, which is especially important for businesses and travelers.
  • Security: The security of funds and data is a key element, and most platforms employ advanced security measures to protect their customers.
  • Regulation: The Polish currency exchange market is regulated by appropriate financial institutions, which provides an additional layer of security and credibility for users of these services.
  • Variety of Services: In addition to currency exchange itself, many platforms offer additional services, such as international money transfers, currency risk management, and financial advice.

Personal finance management

The category in which the Klasomat platform is included is “personal finance management”. The school-related collection service is based on financial services offered by Igoria Trade S.A. The category itself, defined on the fintech map, is extremely diverse, contains many specialized solutions, the common feature of which is intended for individual clients, and most often relatively low transaction amounts (except for investment platforms).

The authors of the study are the industry portal cashless.pl and the Fintech Poland foundation.

The entire report is available at: https://www.cashless.pl/13930-map-of-polish-fintech-2023

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Cooperation with Banking Circle

Igoria Trade extends multicurrency IBAN and payments infrastructure with Banking Circle. New partnership enables Igoria Trade SA to give its customers more reliable multicurrency card and account solutions.

European Payment Institution, Igoria Trade SA, is enhancing its multicurrency IBAN capabilities by working in partnership with tech-first Payments Bank, Banking Circle. Utilising Banking Circle Virtual IBAN, Igoria Trade services will also benefit from fast, secure SEPA, SWIFT and Faster Payments transfers.

“Our mission is to provide our customers with innovative financial services that are tailored to their specific needs,” commented Wojciech Kuliński, CEO of Igoria Trade SA. “To achieve this we needed to increase the reliability of the IgoriaCard banking infrastructure, especially for the B2B multicurrency cards and accounts and Banking Circle is the perfect partner, offering the reliability and flexibility we needed.

“Through Banking Circle we are also now able to offer our customers SEPA Instant and DK IBANS, adding value to our proposition without the significant investment that would be required to develop these solutions in-house.”

Anders la Cour, Chief Executive Officer of Banking Circle Group, added: “With a mission aligned to that of Banking Circle, Igoria Trade SA has been offering innovative cross-border financial services to increase financial inclusion for a decade. The company is dedicated to continually reviewing and upgrading its suite of solutions, and we look forward to working in partnership with the team to further enhance and broaden their offering in the future.”

Banking Circle 

Banking Circle is the Payments Bank for the new economy. As a fully licenced bank, free of legacy systems, Banking Circle enables payments companies and banks of any scale to seize opportunities in the new economy – quickly, at low cost.

Banking Circle is a modern correspondent bank committed to building a local clearing network for all major currencies, to deliver the fastest, lowest cost payments, with no hidden fees for the beneficiary. It provides a suite of unique and award-winning banking solutions, including multi-currency banking accounts and Virtual IBANs, bank connections for local clearing and cross-border payments, all underpinned by market leading compliance and security. 

Through bespoke, flexible, scalable and futureproof solutions Banking Circle is enabling financial institutions to help their customers transact across borders in a way that was previously not possible.

Headquartered in Luxembourg, Banking Circle has offices in London, Munich, Amsterdam and Copenhagen.

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Regulatory sandbox as the way to build a strong fintech sector in Poland

Regulatory sandbox as the way to build a strong fintech sector in Poland

On September 24th representatives of entities operating on the financial market in Poland met in the building of the Polish Financial Supervision Authority. The roundtable, at the invitation of KNF, the Fintech Poland Foundation and Impact CEE, guests representatives of public administration, banking sector and entities operating in the fintech industry, including the CEO of Igoria Trade S.A. Mr Wojciech Kuliński. The topic of the debate was “The roles of the state and market participants in building a strong sector of financial innovation in Poland”.

  

The Polish financial innovation sector has great potential and can significantly contribute to the development of not only the national economy, but the entire region. Poland is a leader in modern banking and can play a key role in building a strong financial innovation sector in this part of Europe, creating competition for western markets. During the discussion, the director of the Fintech Department of the UKNF – Artur Granicki presented the steps to be taken in the coming weeks. The first is the creation of a “virtual sandbox” – a project testing potential service providers. According to plans, in November this year, the KNF will present recruitment rules and select sandbox operators who will be responsible for selecting the most valuable entities from the fintech industry and researching their solutions. As part of the virtual sandbox, clients of fintech entities will be given the opportunity to invest virtual funds, or to entrust them for testing. Assuming a positive transition of the experiment, the invested funds will be returned to the clients as a gratification for participating in the tests. The next step is to introduce a real “regulatory sandbox” in which the participants will risk real funds.

The project of the Polish regulatory sandbox is modeled on the experiences of the markets of Western Europe and Asia. – We learn from other people’s mistakes. We know what challenges the United Kingdom, Taiwan, Hong Kong and Singapore faced. We know what has failed and drawn conclusions – said KNF chairman Marek Chrzanowski. Thanks to the cooperation established with the Monetary Authority of Singapore during last year Impact fintech’17, the Polish superintendent exchanges trainees and fintech companies from Poland with Asian markets. The discussion participants positively received the KNF’s plans. Katarzyna Sosin representing Billon Financial believes that the virtual sandbox will reach a wide range of start-ups. Piotr Marciniak – Managing Director of the BGŻ PNB Paribas Internet Banking Division stresses that this project should use local potential, but also create attractive solutions for external markets.

  

An interesting substantive input into the debate was also made by the Ministry of Digitization, noticing that digital identity is the basis for all digital activities also for fintech. For this reason, the ministry is working on a “digital administrative sandbox”. The goal is to increase the availability and maturity of digital services. – Poland is an exceptional country where public administration works closely with banks’ transaction services. We hope that telecoms, e-commerce and other partners will soon join the cooperation – added Magdalena Borowik, Advisor to the Minister for financial and transaction technologies in the Ministry of Digital Affairs.

The discussion in the “Round Table” format, dedicated to the future of the Polish financial innovation sector, was an introduction to broader considerations about the future of the fintech industry in Poland and in the world. Continuation of this type of meetings, but also other proposals for the development of the industry will be this year’s Impact fintech’18 congress, held on November 28 and 29 in Lodz, which Igoria Trade S.A. is a partner and sponsor.

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Igoria Trade’s multicurrency card has just become available

Igoria Trade, a company traded on the Polish stock market (GPW), announced the launch of IgoriaCard for any customers interested in testing the beta version. The plastic card can be ordered on the company’s website and will be delivered by mail to the address you provide.

IgoriaCard is a solution similar to Revolut, which is quite popular in Europe. Its package of services includes an internet transaction system (and in the future also an Android and iOS app) for managing limits, payment history, etc., 17 free currency accounts for the most important currencies, access to a currency exchange platform and a contactless Mastercard card. It can be used both as plastic and in a virtual form, which is useful for internet shopping, for instance.

IgoriaCard announced in its investors’ report that ordering a plastic card will cost 30 zł. A virtual card will cost 15 zł. The customer will also have to pay for shipping, which is at least 6.90 zł when choosing a standard letter. The customer is then charged 5 zł a month for the card, unless their cashless transactions amount to at least 500 zł, in which case they won’t be charged.

Other fees include an ATM withdrawal fee. Withdrawals in Poland cost a fixed 2 zł per transaction, while withdrawals outside of Poland, but within the European Union, cost 1 percent of the transaction amount, but no less than 5 zł. Transferring money from an IgoriaCard account to an account in any other bank in Poland is 0.1 percent of the transaction value, but no less than 2 zł. Changing one’s transaction limits will cost one złoty, with one free change each month. A temporary block on the card will also cost one złoty.Money can be transferred to the card’s account from a different card or by transfer from one of 40 banks operating in Poland, Slovakia, Ireland, Norway and Great Britain. Igoria wants to sell cards both to individual customers and to businesses, but also sell the whole platform as a white label for other companies to operate under their own brand. It’s hoping that its main profit will come from currency exchange. The company’s main business is a well-known online currency exchange platform called Trejdoo.

source: https://www.cashless.pl/3968-igoria-launches-igoriacard-hopes-to-be-the-next-revolut

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