Conotoxia received nearly PLN 6 million worth of support from the European Funds on an innovative project based on Artificial Intelligence and Big Data. However, the hurtful actions of the Polish Financial Supervision Authority (KNF) have halted the project's development. The officials' approach signifies no ambition for growth and threatens Poland's position in the global technology race.
In April 2024, the tool proposed by Conotoxia gained recognition in the eyes of committee members responsible for the distribution of European Funds. This is a groundbreaking project on a global scale based on Artificial Intelligence and Big Data. Our specialists have created the design of a hybrid platform for multi-criteria optimization of communication with the currency exchange service customer in real time, based on Generative AI and Hyper-Automation.
Deploying such a project can shorten the distance between service providers and recipients. However, it requires a considerable amount of work and resources. The project's total value reaches nearly PLN 15 million (PLN 14,992,550), which is why we joined the competition for EU funding. The carefully developed concept of Conotoxia successfully passed the subsequent verification stages. Among the numerous and demanding competitors, it was appreciated and made it to the list of projects selected for financing. We were to receive support of nearly PLN 6 million (PLN 5,997,020) from the European Funds.
However, this innovative project, which was supposed to provide the company with additional revenue and a significant technological advantage, was successfully blocked by the irrational actions of the KNF. By revoking the payment license of one of Conotoxia Holding's companies, the institution violated current regulations and misled customers and sent false notices to the prosecutor's office that blocked Group's accounts. It is hard not to call this a blatant act of economic sabotage. Once again, we have submitted a plea to the Voivodeship Administrative Court for urgent consideration of our complaint against the KNF's decision and its suspension.
The European project addressed advanced technology that could be instrumental in international competition. However, officials, in an attempt to destroy our Holding, apparently do not want to understand the fundamentals of innovation or issues such as AI or cryptocurrencies. This approach holds back not only innovation but also pushes Poland to the margins of the global technology race.
The situation is further complicated by a widespread ignorance that extends beyond the KNF, resulting in significant systemic consequences. Banks are refusing more and more often to open accounts for companies associated with exchange or cryptocurrencies, thus creating additional barriers to doing business. Some banks on the Polish market openly declare that they do not serve crypto entities, although these companies operate legally and have the appropriate licenses. These practices should be immediately condemned and punished by the regulator, as a bank that chooses to operate on Polish territory should provide services to all legitimate entities, not restrict them through internal policies.
Instead of fostering the expansion of modern technology, the KNF is focused on creating a kind of "sandbox" in which the Authority is stuck for good. The result? This situation has led many Polish companies to explore operations abroad, where the financial landscape encourages innovation. Therefore, Poland is not only losing competitiveness but also credibility. Globally, AI, cryptocurrencies, and financial technologies are considered key areas of development. Meanwhile, due to their lack of competence and modern reasoning abilities, Polish officials are leaving the country behind.
It is not surprising that the US has designated Poland as a country with limited access to advanced Artificial Intelligence technologies. If Polish officials fail to recognize the value of AI, cryptocurrencies, and similar innovations, how can they expect to gain the trust of foreign partners? Their incompetence and lack of imagination represent not only an obstacle for Polish businesses but also a real threat to our country's position in the global economic ecosystem. Poland cannot afford regulators and banks blocking access to key technologies because of their prejudices or ignorance. These actions must be stopped, and financial policies must be adjusted to the realities of the 21st century.
Management Board of Conotoxia Holding