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FinTechs belonging to this category offer advisory and broking services for investments usually via an internet platform.
Robo advisory services usually offer an investment proposition following a series of questions concerning the personal financial background and the risk-bearing capacity of the user. Sometimes the respective platform also enables the user to directly execute the proposed investment.
Auto-trading concerns all services which automatically trade on behalf of the customer according to his or her specifications.
Apart from that some FinTechs collect and offer merely or as an ancillary service market information or operate comparison portals to increase the transparency of the capital markets and to help the investor with his decision-making.
There are also FinTech-advertising-services which advertise various financial services or products.
Introduction
Attitude of the country towards modern financial advisory and broking services
Modern online trading platforms are essential for every trader and investor as they allow online trading of assets and 24/7 access to financial markets. Most of these platforms are provided by investment intermediaries offering financial broking services.
Stock exchange turnover on the Bulgarian Stock Exchange for the first quarter of 2024 shows a 114% growth compared to the same period in 2023. In terms of number of transactions executed over the same period, the increase is 40% for 2024 compared to 2023. For the first quarter of 2025, there has been a 15% decrease compared to the same period in 2024. This is likely a result of the geopolitical situation. However, in March 2025, there has been a 72% increase in turnover compared to February 2025.
This tendency will likely remain for the upcoming years with the creation of new market segments and the increase in the number of new issues of financial instruments admitted to them.
Growth in the financial advisory services market – according to Statista, the market will continue to grow in 2025 (assets under management of around EUR 4.9 billion) and is expected to expand further at a CAGR of around 1.6% until 2029. However, around 84% of Bulgarians rely solely on their salary or pension and do not invest, while only 5% of assets are in capital markets, compared to an EU average of 36%.
Legal affairs
Obligations and requirements to provide financial advisory and broking services, or ancillary services described above
Relevant Bulgarian legislation consists of the Markets in Financial Instruments Act (MFIA), the Public Offering of Securities Act (POSA), the Measures against Market Abuse with Financial Instruments Act and several Ordinances of the Financial Supervision Commission.
MFIA sets out a number of rules and requirements for investment intermediaries and tied agents in Bulgaria, including a licensing procedure, initial capital requirements, management requirements and more.