Romania: A FinTech Overview

Market Overview

The recent regulatory framework established at the European Union level and the continuous efforts of market participants to align with its requirements have contributed to the rapid development and expansion of the FinTech industry in Romania, and to a notable increase in investments directed towards technological innovation and advancement.

Therefore, despite economic fluctuations and the prevailing uncertainty in Central and Eastern Europe, the FinTech industry continues to evolve, with an increasing number of technological solutions emerging each day. The emerging sectors experiencing heightened innovation include:

• payment systems;
• the development of online banking infrastructures, which are progressively offering more customer- and investor-centric services;
• the provision of cryptocurrency-related services; and
• the implementation of novel financing mechanisms, including crowdfunding.

In this context, traditional banks are undergoing comprehensive digital transformations and are increasingly engaging in collaborations with technology start-ups, thereby opening new avenues for innovation. Non-bank entities and payment-focused FinTech companies contribute to financial inclusion by offering seamless integration, transparent pricing structures, a diverse array of investment options, and opportunities to participate in cryptocurrency markets. Furthermore, collaboration between global industry leaders and local start-ups is driving innovation in areas such as API banking, cybersecurity, artificial intelligence and blockchain technology, positioning Romania as an increasingly significant and promising participant in the FinTech sector.

Regulatory Landscape

Romanian legislation does not currently provide a specific legislative package for FinTech businesses. However, the characteristics of FinTech businesses may fall within the scope of strictly regulated activities, such as issuing insurance policies, granting loans, holding and facilitating financial transactions, developing conversion and payment portals, crowdfunding services, etc.

From a fiscal perspective, Romania’s legislation is evolving rapidly in order to align with the broader European regulatory framework, particularly in the context of the implementation of the Markets in Crypto-Assets Regulation (MiCA), the Digital Operational Resilience Act (DORA) and the Artificial Intelligence Act (AI Act), which collectively have laid the foundations for the emergence of a new era in the technology sector.

From the perspective of local regulations governing the technology sector and the stance of national authorities, the National Bank of Romania (BNR) and the Financial Supervisory Authority (ASF) are gradually developing domestic rules in order to align with the innovative European regulatory framework. At present, actors within the crypto and blockchain industry are eagerly awaiting local regulations that would enable the authorities to conduct approvals and supervisory checks for crypto-asset service providers, who currently lack a formal procedure for authorisation under MiCA. This situation effectively places FinTech companies in a temporary holding pattern; while EU regulations apply immediately, the country’s own regulatory guidance remains limited.

Nevertheless, the investment sector appears to be gradually expanding. The Crowdfunding Regulation (ECSPR) is driven by the desire to create a more accessible marketplace with a single EU-wide regime, thereby eliminating divergent national rules for investment-based crowdfunding (in relation to securities) and peer-to-peer crowdfunding. It appears to have generated a rapidly developing market within the Romanian sector, as an increasing number of companies are obtaining approval to extend their operating licences to the Romanian territory.

Technological Developments

The convergence of artificial intelligence, blockchain and financial technology is shaping Romania’s next wave of innovation. The tokenisation of real-world assets – including securities, real estate and commodities – is gaining momentum, supported by MiCA-compliant infrastructure and harmonised EU standards. This evolution promises to enhance market liquidity and broaden access to investment opportunities.

Romanian FinTech and legal-technology firms are already developing compliant tokenisation frameworks for crowdfunding and investment platforms, signalling a shift toward hybrid financial models that merge traditional and decentralised systems. In parallel, AI-powered tools for risk assessment, credit scoring and compliance monitoring are being adopted across the financial sector, while Romanian developers contribute to EU-wide digital finance projects through open banking and open finance initiatives.

A major milestone is the creation of the RO AI Factory, Romania’s first high-performance computing hub for artificial intelligence and one of six European AI Factories under the EuroHPC Joint Undertaking. Co-ordinated by the Politehnica University of Bucharest and ICI Bucharest, it aims to empower start-ups and SMEs to become creators of AI-driven solutions by providing access to supercomputing infrastructure, datasets and specialised training. Focused on financial services, cybersecurity and the digitalisation of the public sector, this initiative is expected to enhance the country’s technological competitiveness.

Moreover, among other technological innovations emerging in Romania, universities and edtech platforms are in the process of integrating AI and metaverse technologies into financial education, while banks and payment providers are cautiously exploring blockchain-based solutions such as crypto custody, tokenised payments and digital identity systems. These developments signal a broader transition from regulatory caution to collaborative innovation in the field of blockchain finance.

Challenges and Opportunities

The transition of Romanian FinTechs from innovation-first experimentation to compliance- and risk-driven maturity remains a central challenge. A major obstacle is that Romania has not yet finalised its national procedures for obtaining MiCA licences, effectively creating a regulatory “waiting zone” for crypto-related businesses. Start-ups are investing heavily in governance, cybersecurity and AML/CTF frameworks without a clearly defined local licensing pathway, resulting in costly and operationally uncertain “pseudo-compliance”. While this slows innovation, it is also driving the growth of regtech solutions that automate compliance, reporting and risk management – a trend increasingly seen as Romania’s competitive advantage in regulatory technology development.

Simultaneously, the evolving FinTech landscape is being shaped by collaborations between traditional banks and FinTech companies, as well as the imperative to comply with stringent standards of IT resilience, data security and governance. In this context, banks are increasingly requiring their partners to undergo audits and penetration testing, and to align with internal compliance frameworks, thereby creating both challenges and opportunities for building user trust. Nonetheless, Romanian FinTechs frequently encounter structural obstacles, such as limited access to financing, and must make significant efforts to earn the confidence of investors.

Looking Ahead

The FinTech industry in Romania is positioned to deepen its connections to the EU single market, with cross-border scale potential, interoperability and AI-driven human-centric personalisation as the key growth engines. FinTechs that are able to balance regulatory compliance in addition to using tokenisation, AI governance and open finance, among others, will be able to differentiate their products while enhancing user experience and multi-market scale-up in a more harmonised European context.

Romania’s robust digital infrastructure, its skilled workforce and its role in EU digital and AI mutualisation trends are strategically situated to help shape the FinTech future in the region. As the ecosystem develops, Romania will likely grow from being a technology provider and testing space to becoming a site of regional technology innovation in compliance, data-driven and AI-enabled finance.