Open finance is the future of money
At ALL IN, Galya Dimitrova from IRIS Solutions will shed more light on innovations in finance and open banking
MEET THE INSIDERS: Galya Dimitrova, managing partner at IRIS Solutions
Photo: Personal archive of Galya Dimitrova
~ 4 min read
Economic.bg Galya Dimitrova will be one of the INnovators at the Economic.bg business forum – ALL IN – taking place on September 19. She will raise the curtain on the concept of open banking and why it will be a major driver of digital transformation in the banking sector in the coming years. She will also reveal how the concept solves some key challenges, such as financial inclusion and the complexity of traditional banking services and products, to enable more people to participate in the financial world.
She is the managing partner of IRIS Solutions, the leading open banking provider in Southeast Europe. Prior to IRIS Solutions, she had a successful career as a banker, serving as an Executive Director and Board member successively at Alliance Bank, Credit Agricole and Victoria TB Bank. As a banking expert, she was responsible for retail banking, operations, branch network and digital channels (cards, internet and mobile banking).
Five years ago, she founded the fintech company IRIS Solutions with a team of like-minded ex-bankers. The company became the first start-up business licensed by the Bulgarian National Bank as a third-party provider under PSD 2. The mission of IRIS Solutions is to become a trusted and preferred provider of open banking solutions and services for Southeast Europe.
Galya Dimitrova is a proud member of the Board of Directors of the Bulgarian Fintech Association.
Mrs. Dimitrova, imagine that Elon Musk has already achieved his big breakthrough in space travel, and you are going on a one-year trip to Mars. Which three celebrities (living or dead) would you like to take as companions?
Steve Jobs – with him we would make the first startup on Mars, called "iMars", mobility pods for comfortable and fast travel on that planet.
James Cameron – he would turn Mars into our very own Avatar movie.
Gertrude Bell - a British archaeologist and diplomat. She would find a way through the red deserts and make contact with the Martians (to establish the first diplomatic relations between Earth and Mars).
You are entitled to spend one working day with a company executive (dead or alive). Who would you choose and why?
Anne Boden – Founder of Starling Bank (one of the UK's first digital banks).
She is a pioneer in Open Banking. A woman whose life is very close to my life path. After a successful career as a traditional investment banker, she founded a digital bank at the age of 54. She is now a recognized leader in the global fintech industry and an active supporter of women in technology. I want to learn from her how to change people’s thinking and build a vision for the new financial world.
Imagine you are shipwrecked on a lonely island with all your basic human needs (food, water, shelter) met. What two things would you like to bring with you and why?
A captain and a rope (Why rope? So that you don't ask about the captain).
If you could give just one book as a gift for the rest of your life, which one would it be?
The Four Agreements by Don Miguel Ruiz - a Toltec Book of Wisdom. These agreements are aimed at achieving inner freedom and harmony. They include:
- Be impeccable with your word
- Don't take anything personally
- Don't make assumptions
- Always do your best
You are a time traveler. You have the option of moving forward into the future or going back into the past. Where would you like to go and why?
I’d like to visit the year 2050 and see the accepted working models of Open Finance. For me, this is the future of money – something that I strongly believe in.
You can be granted a superpower (any skill you can think of), but only for a day. Which one would you pick and why?
Being able to invent a cure for all autoimmune diseases.
Can you identify the biggest threat or challenge for your company in the next five years?
The fact that Bulgaria and Europe continue to lag behind in the development and implementation of digital financial products.
What is one area where Bulgaria has the greatest potential to become a leader in Europe?
Fintech. I believe that although Sofia is not Frankfurt or London, we have something to give to Europe and the world when it comes to technological development. Apart from that, agriculture – specifically, the production of tomatoes and cherries.
AI is a hot topic, but what is the most neglected issue about it?
The need for digital and financial literacy of the people and the public institutions.
What job task of yours would you never want to outsource to a robot?
I love the process of creating and constructing financial products. I don't want to transfer the task of developing these to a robot.
Which is more important: talent or hard work?
Hard work.
Which is more important: education or experience?
Experience.
What are the three things without which success is impossible?
Clear purpose and vision; Superpower in the sense of patience and faith; and a good stock of chocolate and wine.
What fascinates you nowadays?
Every sunrise and sunset as well as the sheer belief of some people that they can stop the digital future of humankind.
What's the best advice you've ever received?
"If you don't believe in what you're doing, you're just wasting your time at work."
What is the hardest lesson learned?
Implementing new innovations does not require technology, but a shift in collective thinking and vision.
What’s the biggest challenge you’ve overcome?
Turning from a traditional banker into a fintech visionary.
When was the last time you said to yourself: “This was my best day at work”? What was the occasion?
Every time young people come to my office, and we talk about their startup ideas in the field of finance.
What is your biggest passion – something you are ALL IN?
I am ALL IN on the Open Finance revolution and the first step of Open Banking.
Translated by Tzvetozar Vincent Iolov
