34 (129) 2018
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Editorial Note

Editorial note

by Michael Dembinski, chief advisor and Dorota Kierbiedź, membership director
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This issue of Contact focuses on financial services, a rapidly growing part of the Polish economy, and one where Britain has traditionally led the way.

The lead interview is with Inga Beale, the CEO of Lloyd's of London, the world's oldest insurer, founded in 1686; Ms Beale – the institution's first female CEO – talks about how she sees the Polish market developing, a market in which Lloyd's saw 25% growth last year. She also talks about the challenges of digitisation that will shake up Lloyd's.


Poland's position in attracting shared services and business outsourcing is discussed by the BPCC's CEO Paweł Siwecki and Michael Dembinski in an interview with Outsourcing &More magazine (click here for full text).

Sustainable finance is becoming topical as fund managers take increasing notice of how sustainable are the business models of the businesses they invest in. HSBC has commissioned a report looking at how investment decisions are increasingly taken with environmental and social sustainability in mind. Read about the results of the report here.

A major challenge for the financial services sector – as it is across most of the Polish economy right now – is recruiting and retaining the talent necessary to grow and adapt. FinTech is happening, and start-ups are seen as more rewarding for those with IT skills than a corporate job. How is this affecting the labour market – read this article from Michael Page.

Legal issues for financial services include borrowing against debt; when should this be pledged – and when should it be assigned? An article from Wardyński & Partners examines the options for lenders and borrowers. Another legal article is from Wierzbowski, Eversheds and Sutherland and focuses on cryptocurrencies using the blockchain technology. How does Polish law treat them?

And there's more on blockchain in this issue – how to raise money for your business through an Initial Coin Offering (ICO). If you are new to this concept, which is rapidly gaining in popularity, read this piece from Future Processing.

The implementation of the Single Audit File – Tax (in Polish 'JPK') is complete – now, the tax authorities will start doing tax inspections of companies where discrepancies have come to light... the protection period ends on 1 July. To find out what this can mean, learn more from this article from Sage.

Trade finance in Poland has acquired strategic importance, with the government taking the initiative  to support Polish exporters, especially those testing their strengths in unfamiliar markets – this piece from Bank Pekao S.A. explains what's on offer.

FinTech and improved regulation at the European level will together make it easier for exporters to get paid. A new payments platform will make real-time payment a reality for Polish exporters, read about the changing international payments system here from Ebury here.

More evidence of the Polish government's hands-on approach to industrial policy comes in the shape of new legislation which will in effect turn the whole country into one huge Special Economic Zone. This article by KR Audyt explains what criteria investors have to meet to receive financial support from the Polish authorities.

FinTech – how do Poland's chances look of becoming Central and Eastern Europe's FinTech hub? The Polish prime minister certainly wants it to happen. But what does the reality look like? This article from Grayling considers the evidence.

Managing – and indeed insuring – credit risk falls under Aon's spotlight in this article. And the importance of customer focus is made clear in this article from Acco Accounting and Consulting Office.

Finally – we can't get away from Brexit. How will it impact the European insurance market, and in particular insurance business conducted between Poland and the UK? Lawyers from Hogan Lovells in both countries look at this issues here. And massive implication for the tax and duties for companies trading between Poland and the UK are covered in this piece by PwC, here.

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