Breaking news

Romania and Bulgaria Officially Join the EU’s Schengen Zone

As of Wednesday, January 1, 2025, Romania and Bulgaria have become full members of the European Union’s Schengen free-travel area, marking a historic expansion of the bloc. Land border controls were officially scrapped, allowing residents to travel seamlessly across participating countries without passport checks.

A Celebratory Moment at the Danube

Fireworks illuminated the night sky at the Friendship Bridge, a key crossing over the Danube River near the Bulgarian town of Ruse, as the interior ministers of both nations symbolically lifted the barrier at midnight. This crossing, a critical route for international trade, is often plagued by bottlenecks, but the removal of land checks is expected to ease congestion.

“This is a historic moment,” declared Bulgarian Prime Minister Dimitar Glavchev. “From Greece in the south to Finland in the north and as far west as Portugal, we can now travel without borders.”

A Long Road to Schengen Membership

Although border checks for air and sea travel were removed in March 2024, land checks had remained in place until Austria recently lifted its veto. Austria had previously argued that additional measures were needed to curb irregular migration.

Romania and Bulgaria’s journey to Schengen membership has been long, as they faced years of opposition despite meeting the technical criteria. The recent development is a major milestone, cementing their place in the EU’s free-travel area.

Schengen: A Borderless Vision

The Schengen area, initially established in 1985 between France, Germany, Belgium, the Netherlands, and Luxembourg, now encompasses 25 of the EU’s 27 member states, along with Iceland, Liechtenstein, Norway, and Switzerland.

However, not all EU countries participate. Ireland has opted out, and Cyprus remains outside the Schengen zone. Despite being an EU member since 2004, Cyprus faces challenges in meeting all the technical requirements for Schengen membership, partly due to its complex political situation. These challenges include strengthening border security and immigration controls.

Cyprus continues to work towards full Schengen membership, but the political and logistical factors involved present significant hurdles, and the timeline for its integration remains uncertain.

This historic expansion of the Schengen area, however, reinforces the EU’s vision of a borderless Europe, further uniting the bloc and streamlining travel and trade across its member states.

FinTech’s Dominance In MENA: Three Strategic Drivers Behind Unyielding VC Success

Despite facing tightening global liquidity and macroeconomic headwinds, the FinTech sector continues to assert its leadership in the MENA region. In the first half of 2025, FinTech emerged as the most resilient and appealing arena for venture capital investments, proving its worth as a catalyst for financial innovation and inclusion.

Addressing Structural Financial Gaps

In many parts of MENA, a significant proportion of the population remains underbanked and underserved by traditional financial institutions. FinTech companies are uniquely positioned to address these persistent challenges by bridging critical access gaps and driving financial inclusion. With the proliferation of payment apps, digital wallets, and micro-lending platforms, investors have witnessed firsthand how these solutions pave the way for scalable growth and eventual exits. Early-stage momentum in the region is underscored by a doubling of pre-seed deals year-over-year, reinforcing the sector’s capacity for rapid innovation and sustainable expansion.

Highly Scalable and Replicable Business Models

One of the key factors behind FinTech’s dominance is the inherent scalability of its business models. Once the necessary infrastructure and regulatory approvals are in place, these models have demonstrated robust performance across borders. The first half of 2025 saw a marked acceleration in deal activity, with payment solutions leading the charge with 28 deals in MENA—a significant increase over the previous year. Lending platforms, in particular, experienced a meteoric 500% year-over-year increase in funding, emerging as the fastest-growing subindustry. Such replicability makes FinTech an attractive proposition for investors seeking high-growth opportunities in diverse markets.

Supportive Regulatory And Government Backing

The strategic support offered by key government initiatives in the UAE and Saudi Arabia has been instrumental in propelling the FinTech sector forward. Progressive frameworks, such as the UAE’s open finance and digital asset directives, coupled with Saudi Arabia’s live-testing sandboxes, have materially lowered entry barriers for startups. These measures not only foster innovation but also streamline the path to commercialization. Consequently, the combined efforts of these regulatory bodies have enabled the UAE and Saudi Arabia to account for 86% of MENA’s total FinTech funding in H1 2025.

The resilience of FinTech in MENA is not merely a reflection of contemporary market trends—it signals a fundamental shift in the region’s economic fabric. With an unwavering commitment to addressing real financial challenges, scalable and replicable business practices, and robust regulatory support, FinTech is setting the benchmark for sustainable innovation. As capital markets become increasingly discerning, this sector stands out as a beacon of long-term growth and transformative impact.

The Future Forbes Realty Global Properties

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter