ROMANIA Law and Practice Contributed by: Sergiu-Traian Vasilescu, Luca Dejan, Bogdan Rotaru and Ana-Maria Bută, VD Law Group
ing the financial landscape by providing alterna - tives to traditional intermediaries. Neo-Banking Neo-banks, or digital-only banks, are emerg - ing as key players in Romania’s fintech sector. These banks operate entirely online, offering user-friendly mobile apps, low fees and innova - tive features tailored to tech-savvy consumers and businesses. Factoring and Invoice Financing Fintechs in Romania are also active in the factor - ing and invoice financing space, providing SMEs with faster access to working capital through digital platforms that streamline the approval
(KYC) processes, fraud detection and automat - ed reporting. Sustainable Finance While still in its early stages, sustainable finance is beginning to take root in Romania. Fintechs are exploring ways to integrate environmental, social and governance (ESG) criteria into their offerings, promoting investments in renewable energy, social impact projects and other sustain - able initiatives. E-Commerce Platforms E-commerce platforms in Romania are increas - ingly integrating fintech solutions to enhance transactional efficiency and customer engage - ment. These platforms leverage embedded finance models, such as instant payment gate - ways, buy-now-pay-later (BNPL) services and dynamic currency conversion tools for cross- border transactions. Partnerships between e-commerce providers and fintech firms enable seamless integration of digital wallets, AI-driven personalised credit offers, and blockchain-based supply chain financing. Additionally, compliance with PSD2 has facilitated secure open banking integrations, allowing direct bank-to-platform payments and reducing reliance on traditional card networks. This vertical is further bolstered by the adoption of AI for fraud prevention and big data analytics to optimise consumer financial behaviour insights. 2.2 Regulatory Regime The regulatory landscape for industry partici - pants in emerging sectors such as AI, payments, e-commerce, regtech, neo-banking, tokenisa - tion, cryptocurrencies, DeFi, open banking and factoring is evolving rapidly, especially within jurisdictions like the EU and specific national regulations, including Romania’s domestic law. These sectors are subject to an interplay
and funding processes. Real Estate Tokenisation
Real estate tokenisation is an emerging trend in Romania, enabling the fractional ownership of property through blockchain-based digital tokens. This innovation democratises access to real estate investments and enhances liquidity
in the market. Open Banking
Open banking is gaining momentum in Roma - nia, driven by regulatory initiatives such as the Revised Payment Services Directive (PSD2). Third-party providers are leveraging APIs to access bank customer data, enabling the devel - opment of innovative financial products and ser - vices. Regulatory Technology (Regtech) Regtech solutions are becoming increasingly important in Romania, helping financial institu - tions manage compliance with evolving regula - tions. These technologies include tools for anti- money laundering (AML), know-your-customer
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