Interview with Teodor Blidarus, Chairman of the Association Patronale du Software et des Services, managing partner of Softintelligence

How would you describe Bucharest's business environment?

Teodor Blidarus - The capital's business environment has changed a great deal over the last 10 years, and this has contributed enormously to the Romanian economy's second-highest growth rate in Europe. It is home to major R&D centres for international companies (Microsoft, Oracle, Amazon), the head offices of a number of Romanian start-ups that have become unicorns (editor's note: i.e. valued at over €1 billion, like UiPath) and many accelerators, creating an environment that is conducive to entrepreneurship. What's more, everyone here speaks English, at every level of management.

What is the state of fintech locally today?

Teodor Blidarus - This is still a very young field, with fantastic potential. Many global financial institutions, such as Deustche Bank, Erste and ING Bank, have chosen Bucharest as the location for their innovation centres. From this we can deduce that the Romanians are beginning to enrich their already well-known and recognised technical skills with very significant know-how in the banking, insurance and investment sectors. In addition to the digitalisation of the major banks, there are also some interesting innovation initiatives in personal finance management, artificial intelligence, robotics, payments and big data risk analysis solutions. To cite just a few examples: Pago, FintechOS, SymphoPay, etc.

What makes Bucharest an attractive destination for business tourism?

Teodor Blidarus - I believe that, like two other leading cities, Cluj and Iasi, Bucharest is currently a hotbed of innovation, with ambitions to become Europe's main meeting place for entrepreneurs and investors. Those looking to put their money where their mouth is can find an environment that has become even more mature in recent years, with a rapidly developing investment climate. In 2018 alone, five private European venture capital funds opened offices in Bucharest. So, we can talk about excellent investment opportunities, a fast-growing market, a growing number of start-ups and success stories from several Romanian companies that have grown globally in recent years. I think we have all the ingredients to claim the title of "Europe's most attractive market for foreign investors".